The European Central Bank (ECB) is expected to increase interest rates for the tenth time this week, following August's inflation numbers that remained unchanged. Analysts from Bank of America (NYSE:BAC) anticipate a quarter-point hike on Thursday, with the Eurozone price hikes stalling at 5.3% year-on-year and the inflation rate rising in Ireland.
The potential impact of these hikes on the economy will be highlighted today as the European Commission releases its latest economic forecast. The recent GDP figures for both the Eurozone and the EU have been less than encouraging, indicating that growth across the bloc is effectively stagnating.
These forecasts and the ECB's decision are set to be discussed at a meeting of Eurozone and EU finance ministers in Spain on Friday and Saturday. However, as this is an informal gathering, no decisions will be made.
In other developments, Members of the European Parliament (MEPs) are convening in Strasbourg for their first plenary session since the summer break. Commission President Ursula von der Leyen is scheduled to deliver her annual State of the EU speech during this session.
On the earnings front, several companies including Ryanair (NASDAQ:RYAAY), homebuilder Glenveagh, and Corre Energy are set to release their half-year results on Thursday. Tullow Oil (LON:TLW), which de-listed from the Irish stock exchange last year, is expected to publish its half-year results in the U.K. on Wednesday.
In other news, executives from RTÉ will face questions from the Oireachtas Joint Media Committee on Wednesday regarding public funding and governance issues.
Today, the Central Statistics Office is releasing data on new vehicles licensed in August and agricultural prices for July. Other data to be released this week includes payroll data for July on Wednesday, second-quarter aviation statistics on Friday, along with July exports and imports data and second-quarter services producer prices.
The Central Bank will release retail interest rates for July on Wednesday and second-quarter mortgage arrears data today. Eurostat is also set to release Eurozone industrial production data for July on Wednesday, second-quarter job vacancies on Thursday, and July international goods data on Friday.
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