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European Economics Preview: BoE, SNB Policy Announcements Due

preview oct19 22sep21 lt

Monetary policy announcements from the Bank of England and the Swiss National Bank are due on Thursday, headlining a hectic day for the European economic news.

At 2.45 am ET, the French statistical office Insee releases business confidence survey results. The business sentiment index is forecast to fall marginally to 109 in September from 110 in August.

At 3.00 am ET, Spain's INE publishes final GDP data for the second quarter. The statistical office is set to confirm 2.8 percent sequential growth for the second quarter.

At 3.15 am ET, IHS Markit releases France flash composite Purchasing Managers' survey results. The flash composite output index is forecast to drop slightly to 55.8 in September from 55.9 in the previous month.

At 3.30 am ET, Swiss National Bank releases its quarterly monetary policy assessment. The bank is expected to retain its policy rate and interest on sight deposits at the SNB at -0.75 percent.

In the meantime, Germany's flash composite PMI data is due. The composite output index is expected to ease to 59.2 in September from 60.0 in August.

At 4.00 am ET, IHS Markit publishes euro area flash composite PMI data. The composite PMI is seen at 58.5 in September versus 59.0 in August.

Also, Norges Bank announces its monetary policy decision at 4.00 am. The bank is forecast to hike its key rate to 0.25 percent from zero percent.

Half an hour later, IHS Markit is scheduled to publish the UK flash composite PMI data. Economists forecast the composite index to fall to 54.5 in September from 54.8 in August.

At 7.00 am ET, the monetary policy announcement is due from the Bank of England. The bank is widely expected to hold its key rate at 0.10 percent and quantitative easing at GBP 875 billion.

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