European Central Bank policymakers are reportedly preparing to raise the key rate to 2.00% with some lobbying for restrictive policy.
ECB policymaker Nagel said that clearer steps will need to be taken if inflation doesn’t ease, adding that it could exceed 10.0% at its peak, which is expected in December.
French Finance Minister Le Maire said that consumers will have to absorb some of the effect of higher energy prices.
U.K.’s July GDP 0.2% m/m (expected 0.3%; last -0.6%).
July Construction Output -0.8% m/m (expected 0.5%; last -1.4%); 4.3% yr/yr (expected 5.6%; last 4.1%).
July Industrial Production -0.3% m/m (expected 0.4%; last -0.9%); 1.1% yr/yr (expected 1.9%; last 2.4%).
July Manufacturing Production 0.1% m/m (expected 0.4%; last -1.6%); 1.1% yr/yr (expected 1.6%; last 1.3%).
July trade deficit GBP19.36 bln (expected deficit of GBP22.30 bln; last deficit of GBP22.85 bln)
Italy’s July Industrial Production 0.4% m/m (expected 0.3%; last -2.0%); -1.4% yr/yr (expected -0.4%; last -1.1%)