Europe Day Ahead: EU Summit, ECB & BoE, Carney testifies
Wednesday, February 06, 2013 - 02:40
Feb. 6 - EU leaders meet to try and hammer out the bloc’s long-term budget for 2014 to 2020. ECB and the BoE meet but no shift in policy is expected. Incoming BoE governor Mark Carney testifies.
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This is -- look ahead to Thursday's key political and financial events. The EU summit gets going in Brussels where leaders will try to hammer out of the blocks long term budget for 2014 to 20/20. Talks in November and it without a deal on the planned expenditure with any one trillion euros. The Greg Johnston from Somerset capital management says it's likely we'll see progress but since I'm past could come with a hefty price -- if national governments if -- -- -- if that cannot be unanimity with the budget deal. Then you go to come back to default of the budget which has the highest level. -- of spending that we had in 2013 search result and quite substantial increase in the budget. But also back on Central Bank watch both the ECB and Bank of England hold policy meetings not this -- moving on benchmark interest rates or stimulus measures. But trade is on the lookout for any comments from ECB president Mario Draghi on the Europe. Here in the UK the attention will center on incoming -- we chief Malkani he testifies to a parliamentary committee at 945 GMT. He's seen as a new broom we'll look at alternative policy options and has already suggested targeting nominal economic growth rather than inflation. Plenty of data from the UK on Thursday to industrial and manufacturing output figure is expected to showed gains in December from the previous month. Itself to UK construction PMI in January saw a modest expansion. In Germany December industrial output data for the month of December is expected to stagnate. Well data in France may show the country's trade deficit continue to narrow in December. In the debt markets Spain auctions paper due in 20152018. And 20/20 nine let's France sells up to eight billion euros nuts. On the earnings front the French drugmaker Sanofi expected to -- February the seventh that profits decline between twelve and 15% last year. As the company pulled the brunt of generic competition for its former top -- selling products. We'll also have earnings from time left. Analysts expect the German automaker to say fourth quarter operating profit fell nearly 24%. And we'll speak to the company's chief executive Dieter Zetsche following the news conference you can catch that -- just before eleven GMT on demands on Reuters dot com. Fourth quarter earnings also cheer from Credit Suisse ArcelorMittal. And fun. Well that's our look ahead to Thursday the depth guys we'll be streaming and coming Bank of England governor mom Connie testimony live on inside I'm going to dot com. I asked about 945 GMT. I'm not a Stephenson this is for us.
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