It’s data deluge day for BoE today, which will release its monetary policy decision and its quarterly inflation report. It is worth noting, that there are expectations of a significant overhaul this time around. UK central bank is expected to be more optimistic as it publishes its latest forecasts for economic growth and sets its future interest rates. The bank’s previous growth forecasts were rather too gloomy regarding the impact of the Brexit vote. Back in August, the BoE said growth would slow sharply to just 0.1% in July-September; when in reality the figures came up to a robust 0.5%. The Bank may also hike its inflation forecasts, as the demise of the pound continues to push up the cost of imports.
Crude oil futures rose on Thursday after an attack on a Nigerian oil pipeline and a weaker U.S. dollar boosted sentiment and made the black gold cheaper to trade, lifting prices from five-week lows. Possible supply disruptions boosted prices after militants in Nigeria’s southern Niger Delta oil hub attacked a pipeline operated by the Nigerian National Petroleum Corporation on Wednesday. Brent crude futures were last seen trading 0.6 percent higher, up by 25 cents at $7.12 while Crude oil futures added 0.4 percent or 16 cents to last trade at $45.51.
European markets traded higher today after oil prices edged higher and as commodities were boosted by a cheaper dollar. Investors are also focused on the Bank of England’s latest rate decision and fresh corporate earnings due later within the day. The greenback declined after the U.S. Federal Reserve announced Wednesday that it was keeping its interest rate at 0.25-0.5 percent. However, the Feds also sent stronger signals that they are ready to hike rates on Dec14. Trade activity is also expected to remain subdued as anxiety among investors looms as uncertainty regarding next week’s U.S. presidential elections with polls indicating a tight race between Hillary Clinton and Donald Trump.
In today’s European markets Germany’s DAX was last seen trading flat at 10374.00, U.K.’s FTSE 100 added 0.3 percent at 6865.00, France’s CAC 40 climbed 0.4 percent at 4430.50 while the Euro Stoxx added 0.1 percent at 2987.00 as of 9:35 GMT.