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Europe Day Ahead: BoE independence under scrutiny

Tuesday, June 11, 2013 - 02:26

June 11 - On Wednesday: A grilling for the Bank of England’s Financial Policy Committee, following “serious concerns” about its independence, UK employment numbers & euro zone industrial production.

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Euro zone industrial production out Wednesday via Reuters poll of economists sees a problem falling two tenths of 1% on the month. And the annual rate of decline slowing to one point 2% from one point seven in March. The final inflation figures for May in Germany France and Italy. We're also be released no change expected -- free countries comfortably below the ECB's target ceiling of 2%. In the UK we have the latest labor market report the unemployment rate seen on hold -- seven point 8% and made and the claimant count of proving again. -- 5000 few people expect to sign on inmate. Work is still being squeezed though. Average earnings growth slowing yet again. UK it'll make -- begin an inquiry into the independence of the Bank of England's new financial risk watchdog the financial policy committee. Following questions and its relationship with government. And it's appointment process parliament's expressed serious concerns over instructions from the chancellor to consider short term growth. As well as long term stability. And the replacement of hawkish members with one seen by critics is more friendly to banks and businesses. Committee members out behind and the Albanian and Donald Kohn speaking tomorrow. Germany's constitutional court continues to weigh out the legality of the European central bank's bond buying programming calls on Wednesday the two day hearing. Looking at whether the ECB is violating German conditions -- on the monetary union. But it still on used mechanism to buy Euro zone government bonds. Now while the -- isn't expected to completely block these he'd be even a qualified endorsement could spook the markets says his -- -- break. -- -- -- -- Endorsing their NT which rim hasn't actually been used you used yet to sort of it's it's serving its purpose by just having the possibility of peace. That would still be in a file an -- come and this is very small towns of them essentially saying. None do what -- CB's is doing. Is Null us just sticking through its remit all price stability. And the International Energy Agency releases its monthly oil market report for June Brent crude fell below 103 dollars a barrel today. Prices being sapped by fears of a slump in Chinese -- growing estimates of US shale -- That's a look ahead to Wednesday's key events yeah. Troubles.

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Europe Day Ahead: BoE independence under scrutiny

Tuesday, June 11, 2013 - 02:26