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European Economics Preview: ECB Monetary Policy Announcement Due

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The monetary policy announcement from the European Central Bank is due on Thursday, headlining a hectic day for the European economic news.

At 3.00 am ET, flash consumer prices and quarterly unemployment data from Spain and labor market data from Hungary are due.

Spain's harmonized inflation is seen rising to 4.8 percent in October from 4 percent in September. Spain's jobless rate is seen at 14.2 percent in the third quarter versus 15.26 percent in the prior quarter.

Half an hour later, Statistics Sweden is scheduled to issue quarterly GDP and retail sales figures. The economy is forecast to grow 1.3 percent sequentially, following a 0.9 percent rise in the second quarter.

At 3.55 am ET, Germany's unemployment data is due from the Federal Labor Agency. Economists expect the jobless rate to fall to 5.4 percent in October from 5.5 percent in September.

At 4.00 am ET, Italy's Istat publishes business and consumer sentiment data. The business sentiment index is forecast to fall to 112.2 in October from 113.0 in September.

At 5.00 am ET, European Commission is scheduled to issue euro area economic sentiment survey results. Economists forecast the economic confidence index to fall to 116.9 in October from 117.8 in the previous month.

At 7.45 am ET, the European Central Bank announces its monetary policy decision. The bank is set to hold its key deposit facility rate at -0.50 percent. No change in monetary stimulus is expected.

At 8.00 am ET, Destatis releases Germany's flash consumer price data for October. Inflation is forecast to rise to 4.4 percent from 4.1 percent in September.

At 8.30 am ET, ECB Chief holds a customary press conference after the governing council meeting in Frankfurt.

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