European Economic News Preview: ECB Set To Cut Key Rates
(RTTNews) - The European Central Bank is widely expected to lower its key interest rates on Thursday as concerns about the growth outlook heightened amid inflation falling below the 2 percent target.
The bank is forecast to cut the key rates by 25 basis points today after a similar reduction last month. The deposit facility rate, which is the new policy rate, is likely to be lowered to 3.25 percent.
The announcement is due at 8.15 AM ET. Later today, the bank will release the Survey of Professional Forecasters.
Foreign trade from Italy and final inflation from the eurozone are the other major economic reports due from Europe.
At 2.00 am ET, Swiss foreign trade figures are due. The trade surplus is forecast to rise to CHF 4.85 billion in September from CHF 4.58 billion in the prior month.
At 5.00 am ET, Eurostat releases the euro area final inflation data. The flash estimate showed that inflation eased to 1.8 percent in September from 2.2 percent in August. Foreign trade data is also due. The trade surplus is seen at EUR 17.8 billion in August compared to EUR 21.2 billion in July.
In the meantime, Italy's statistical office ISTAT publishes external trade data. Economists forecast the trade surplus to decline to EUR 5.55 billion in August from EUR 6.74 billion in July.
At 6.00 am ET, Turkey's central bank announces its policy decision. Markets widely expect the bank to hold its benchmark rate at 50.00 percent.
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