Europe’s debt woes face a litmus test today in the form of Spanish and Italian debt auctions which are likely to be crucial for their respective credit ratings. With the ECB policy meeting likely to offer little in terms of major policy changes, markets are expected to focus on the post-meeting joint conference by Mario Draghi and Mervyn King regarding comments on the European Financial Stability Facility (EFSF). At home, the BoE rate setting meeting, scheduled for today, is also expected to maintain an unchanged monetary policy stance. Data just released revealed that industrial production dropped for November.
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