Towards a new BoE status quo

Towards a new BoE status quo
Towards a new BoE status quo

If France will be at a standstill for a second day in a row on Thursday, due to Ascension Day, the Paris Stock Exchange will remain open. Appointments will be few in number. We will mainly focus on new weekly unemployment claims in the United States (consensus: 214,000, compared to 208,000 a week earlier) and on the Bank of England’s monetary policy decision, expected early this afternoon. No change is expected: the BoE is expected to once again maintain its key rate at 5.25%, the highest since February 2008, as progress on underlying inflation seems a little too slow.

Nevertheless, the monetary institution, which raised its rates 14 times from December 2021 to August 2023, could prepare people’s minds for an easing of the cost of money this summer, most probably in August. “ The situation [économique britannique, ndlr] has improved in recent months, noted the Oddo BHF firm at the start of the week. The business climate has recovered, the economy is returning to a positive trend. Ebbing inflation has made members of the Monetary Policy Committee more inclined to consider easing in 2024, with Governor Bailey citing several rate cuts. »

On the business front, the automotive sector will be in the spotlight: Nissan will publish its annual results and Pirelli its first quarter accounts.

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