EQUITIES: EU Cash opening calls

Below are the questions will be answered for the May 9 BOE policy decision. Answers will appear shortly after Midday

1.    Was the Bank Rate changed, and if so by how much?

2.    Number of members voting for cut?

3.    Number of members voting for unchanged rate?

4.    Number of members voting for a hike?

NB: On questions 2-4 we will name the dissenters (and the magnitude of dissent)

5.    Did the MPC say the next move in monetary policy was likely to be a cut?

6.    Did the MPC (or the majority of MPC) again say Bank Rate is likely to “remain sufficiently restrictive for sufficiently long”?

7.    Did the MPC (or the majority of MPC) again say it “has judged since last autumn that monetary policy needs to be restrictive for an extended period of time”?

8.    Did the MPC leave its guidance paragraph materially unchanged versus the May policy statement?

9.    Did the MPC (or a majority of the MPC) say there is a downside risk to the UK inflation outlook (or similar) in the Monetary Policy Statement?

10.    UK CPI forecast in 2 years time at market rates (mean / mode)?

Previous: 2.3% / 2.3% (Previous Q2-26 was 2.2% / 2.2%)

11.    UK CPI forecast in 3 years time at market rates (mean / mode)?

Previous: 1.9% / 1.9%

Euribor futures are off intraday lows but remain -1.0 to -3.5 ticks through the blues after core FI drifted lower through the Asia-Pac session.

• German industrial production printed a touch above consensus but was still negative on an annual basis for the 10th consecutive month.
• ECB-dated OIS implied rates firmed a touch overnight but remain within recent ranges, with 23bps of cuts priced through the June meeting and 72bps of easing priced through year end.
• Today’s scheduled ECB speakers include the hawkish-leaning Wunsch and the usually dovish de Cos, the latter of whom we heard from yesterday (with little deviation from the status quo, pointing to a rate cut in June, while providing little colour beyond that meeting).
• Today’s regional data calendar includes Spanish industrial production and Italian retail sales.