Both the Bank of England and the European Central Bank are expected to leave interest rates unchanged this week at 4 percent and 3.25 percent respectively. Inflation is not an issue in Britain right now, while EMU growth is weak and confidence faltering. European equities have performed worse than any of the indexes followed here with the exception of Nasdaq. Although growth has accelerated in Britain, equities have fallen steeply. With manufacturing finally reviving, the BoE will not want to jeopardize the recovery. While investors overseas constantly fret over the strength of the U.S. recovery, data closer to home inspire even less confidence. Perhaps this is why the DAX and CAC have fallen off even more than indexes in Asia or the Americas.

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