Morning in brief: Markets and Bank of England wait on key EU summit

Cautious activity is seen in the markets as European leaders prepare to discuss solutions to the debt crisis, while the Bank of England is not expected to make any changes to monetary policy at today’s meeting.

Markets

The markets display caution ahead of the European Union summit on stemming the debt crisis, according to the Financial Times, with minimal movements being seen in many asset classes.

Companies
Tesco sees like-for-like sales, excluding fuel and VAT, dip by 0.9% during the 13 weeks to November 26 as consumer spending is damaged by rising unemployment and increasing living costs, the BBC reports.

Capital Shopping Centres summits a planning application to create 325,000 sq ft of new retail space at Essex shopping centre Lakeside, says the Telegraph. This would make the centre the third-largest retail destination in the UK.

UK

The Bank of England is expected to maintain the base rate at its historic low of 0.5% and keep its quantitative easing programme at £275 billion, according to Bloomberg, as its policymakers wait to see how European leaders plan to tackle the debt crisis.

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