The major highlight for today in Europe is the minutes released by the Bank of England, since this will determine how the vote was split regarding the central bank leaving interest rates steady since their last cut in March and how many members are with the APF program.

The minutes will most likely reveal that the vote was unanimous on interest rates steady at 0.50 percent, which is the lowest since the bank's foundation, while the nine members of MPC are also with continuing their Asset Purchase Facility (APF) program.

The program should be sustained, as the bank continues to buy gilts using newly printed money and reserves as a way to make sure that there are no deflation risks in the nation, while at the same time supporting economic growth. When conditions improve, the bank can pull out the money injected in markets by raising interest rates so that the plan will not trigger inflation in the long run.

By the end of this week, we see that the UK will release their GDP reading, as we can see that the third quarter reading is projected to show growth, since the APF program is positively affecting dominate sectors that fuel economic growth, which is why this further supports our point of view of the bank continuing to purchase gilts until the recession becomes old news.

The BoE had to seek other options to stimulate economic growth as a result of them reducing interest rates to the lowest since the bank's foundation, but it did not boost growth like quantitative easing is doing now as we witnessed occurring lately, despite the fragile job market in the nation.

Also today from the UK, the Confederation of British Industry (CBI), which is the biggest business lobby in the economy, is releasing their quarterly industrial trends total orders; a survey released quarterly for senior executives in manufacturing to determine output production, prices, costs and exports. 

This indicator helps us determine current demand conditions in the nation, where it is projected to come in at -45 from the prior -48 and this is showing us that conditions are somewhat improving in the manufacturing sector; therefore giving more hints that the quantitative easing is helping the nation prosper.

The focus of this week is on the GDP data, since markets are anxious to see if improvement really took place. Yet hopes are high, as the second quarter the nation contracted by 0.6 percent from the first quarter severe contraction of 2.4 percent.

European stock markets yesterday shed points; as we saw the DJ Euro Stoxx 50 declined 22.33 points or 0.76% to 2925.08 points, CAC 40 fell 20.91 points or 0.54% to 3871.45 points, while DAX dipped 40.79 points or 0.70% to 5811.77 points.