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European Economics Preview: ECB Monetary Policy Announcement Due

preview oct12 29oct20 lt

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

The ECB is likely to leave its key interest rate, which is the rate on the main refinancing operations, at a record low zero percent. Although no new measures are expected at this meeting, markets anticipate an indication about further easing from the central bank chief.

ECB President Christine Lagarde is set to hold customary press conference at 9.30 am ET.

Major economic reports due for the day are as follows:

At 4.00 am ET, Spain's INE is set to publish flash consumer price data for October. EU harmonized prices are forecast to decline 0.6 percent annually. In the meantime, unemployment data is due to Hungary.

At 4.55 am ET, the Federal Labor Agency is slated to release Germany's unemployment data for October. The number of jobless claims is seen falling 5,000 versus September's decline of 8,000.

At 5.30 am ET, the Bank of England publishes mortgage approvals for September. Economists forecast mortgage approvals to fall to 76,110 from 84,720 in the previous month.

At 6.00 am ET, Eurozone economic confidence survey data is due. The sentiment index is expected to fall to 89.5 in October from 91.1 in the previous month.

At 9.00 am ET, Destatis is slated to issue Germany's preliminary consumer price figures for October. Economists forecast consumer prices to fall 0.3 percent on year, following a 0.2 percent drop in September.

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