Thursday preview: ECB meeting in the spotlight

All eyes on Thursday will be on the European Central Bank's policy announcement.

As guided to previously, the ECB's governing council is expected to raise its refinancing and deposit rates by 25 basis points to 0.25% and -0.25%, respectively.

However, in the run-up to the meeting reports indicated that the GC would also consider a proposal from its chief economist for a 50bp hike.

Just as important, investors were hoping for sufficient details on the monetary authority's new anti-fragmentation tool.

Against that backdrop, a formal announcement is expected regarding the resumption of natural gas supplies to Europe via the Nordstream 1 pipeline at the same levels before annual maintenance work began on 11 July.

Stateside the main economic release of the session will be the results of the Federal Reserve Bank of Philadelphia's regional factory survey for July.

Investors will also be keeping a close eye on the latest weekly initial unemployment claims data in the US which are due out at 1330 BST.

On home shores, the main data point will be public sector net borrowing figures for June, which will be published at 0700 BST.

Overnight in Asia, Indonesian central bankers will meet to decide on rates, but the seven-day repurchase rate is expected to be unchanged at 3.50%.

Thursday 21 July

INTERIMS

Howden Joinery Group, Nokia OYJ

INTERIM EX-DIVIDEND DATE

Avast, Bellevue Healthcare Trust (Red), Blackrock Income And Growth Investment Trust, Hercules Site Services , Micro Focus International, Northern Venture Trust, Porvair

QUARTERLY PAYMENT DATE

Brunner Inv Trust

QUARTERLY EX-DIVIDEND DATE

Custodian Reit , JpMorgan China Growth & Income , JPMorgan Claverhouse Inv Trust, M Winkworth

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Continuing Claims (US) (13:30)

ECB Interest Rate (EU) (13:15)

Initial Jobless Claims (US) (13:30)

Philadelphia Fed Index (US) (13:30)

Q2

Nokia OYJ

FINALS

Redcentric, The Fulham Shore

SPECIAL EX-DIVIDEND DATE

Vivo Energy

AGMS

Big Yellow Group, Edinburgh Inv Trust, Evgen Pharma, Fuller Smith & Turner, Intermediate Capital Group, Intermediate Capital Group, Intermediate Capital Group, Johnson Matthey, Octopus AIM VCT, Pennon Group, QinetiQ Group, SSE, VP, Weiss Korea Opportunity Fund Ltd, Workspace Group, Zephyr Energy

TRADING ANNOUNCEMENTS

AJ Bell, Brewin Dolphin Holdings, Close Brothers Group, Diploma, DP Eurasia N.V. (DI) , Dunelm Group, Frasers Group , Intermediate Capital Group, PensionBee Group , QinetiQ Group, SSE, Workspace Group

UK ECONOMIC ANNOUNCEMENTS

Public Sector Net Borrowing (07:00)

FINAL DIVIDEND PAYMENT DATE

Concurrent Technologies, DCC (CDI), Learning Technologies Group , New Century AIM VCT 2, Skillcast Group

FINAL EX-DIVIDEND DATE

Castings, Cranswick, Industrials Reit Limited, Investec, Northern 3 VCT, Pennon Group, Volex