BNP Paribas - It is in Europe that central banks will open the autumn monetary festivities next Thursday.

1- The Bank of England is likely to sit tight, while it waits to quantify the effect of the last two measures implemented this summer on the economy (launch of a new scheme, Funding for Lending, aimed at reducing banks’ funding costs, in collaboration with the British Treasury in June, and raising of the ceiling on asset purchases by GBP 75bn to GBP 375bn in July).

2. Market expectations are focused on the ECB meeting. In line with the publication of new quarterly growth and inflation figures, the ECB is likely to ratify a 25 basis point cut in the refi rate to 0.50% next Thursday. The press conference will be the other highlight of the day. At this occasion, Mario Draghi is expected to give details of the new asset purchase programme announced at the beginning of August to reduce sovereign bond yields for countries such as Italy and Spain

3. The following week, the Fed will end the party with another wave of monetary easing now on the cards