Stocks in Europe traded higher on Thursday as the market are focusing on the ECB meeting and BoE’s rate decision, with both meeting taking place later in the day.
Futures for the European Euro Stoxx 50 traded 0.08% higher at 3,138.50, while Germany’s DAX futures rose 0.08% higher at 9,556.80.
At the same time the French CAC 40 futures edged 0.10% higher to 4,400.30, while futures for the UK’s benchmark FTSE 100 added 0.13% to 6,766.00.
Stocks – European Central Bank (ECB) Meeting
Market analysts are mixed on the outcome of the anticipating ECB meeting as to whether the bank would implement further monetary policy action.
The bank’s current rate is at 0.25% after the bank decided to keep its benchmark rate and keep the deposit facility rate unchanged at 0%.
On Monday, the ECB President Mario Draghi said that the current rate of inflation of 0.8% was below the bank’s target and added that “we know that the longer inflation stays at the current level, the higher the risk.”
Stocks – Bank of England (BoE) In Focus
Analysts are forecasting there will be no change in the Bank’s monetary policies in March. The most recent speeches from the Monetary Policy Committee members have indicated they feel at ease with the market’s predictions of the first rate climb could be in the first half of 2015.
“Today’s BoE rate meeting will be a non event from a policy point of view. It goes without saying that rates and asset purchases will remain on hold at 0.5% and £375 billion respectively. That said, coming into today’s meeting the pound strengthened slightly following yesterday’s strong Services PMI data release which caps off an impressive week as far as UK PMIs go,” analysts from Commerzbank Corporates and Markets commented.
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