European Markets Set for Lower Opening

The Bank of England is anticipated to lower its key interest rate by 25 basis points to 3.75% due to easing inflationary pressures. However, policymakers are likely to indicate that further rate cuts are not expected for some time. The European Central Bank is expected to keep its rates unchanged at 2%, while potentially raising its growth forecasts. Similarly, the Swedish Riksbank and the Norwegian Norges Bank are also expected to maintain their respective key rates at 1.75% and 4%. On the corporate front, British energy giant BP has appointed Meg O'Neill as the new head of the company following disappointing results in its strategic transition to renewable energy. According to early indications, the CAC 40 in Paris may open down by 0.01%. Futures contracts suggest a decline of 0.12% for the DAX in Frankfurt and a drop of 0.08% for the FTSE in London.