European Economics Preview

The Bank of England is expected to raise its key rate for the third straight meeting on Thursday, as inflation is likely to accelerate more than anticipated due to higher energy prices amid the war in Ukraine.

The monetary policy announcement and the minutes of the meeting from the BoE are due at 8.00 am ET. Markets expect the bank to lift its key rate by a quarter-point to 0.75 percent from 0.50 percent.

Other statistical reports due for the day are as follows:

At 3.00 am ET, the European Automobile Manufacturers’ Association, or ACEA, releases Europe’s new car registrations for February. Passenger car sales had fallen 6.0 percent to reach 682,596 units in January.

At 4.00 am ET, harmonized inflation figures are due from Austria and Slovakia.

At 6.00 am ET, Eurostat releases euro area final inflation data for February. According to flash estimate, inflation advanced to a fresh 5.8 percent from 5.1 percent in January. The statistical office is expected to confirm the flash estimate.

At 7.00 am ET, Turkey’s central bank announces the outcome of its monetary policy meeting. Economists expect the bank to hold its one-week repo rate at 14.00 percent.

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