Ugly European data is contributing to fears of a global economic slowdown. Here are three things investors will be watching for when European Central Bank...
European Central Bank policy makers are unlikely to announce any new measures Wednesday after moving back into stimulus mode just last month. But that doesn’t mean ECB President Mario Draghi won’t have plenty to talk about.
So what will be in focus? Here are three topics that Draghi is likely to address in his news conference: It’s important to remember that maintaining stable prices, as defined by the inflation target, is the ECB’s only mandate. And data continue to emphasize downside risks to the ECB’s inflation projections, noted Nick Kounis, head of financial markets research at ABN Amro, in a note.
Negative rates Draghi’s remarks at a forum last month, in which he signaled that policy makers re becoming more attuned to the adverse side effects of negative interest rates on banks, is virtually certain to inspire questions on Thursday. If the ECB were to reveal it had discussed or was set to introduce a tiered system of deposit rates, the euro would likely rally versus the dollar, said Thierry Wizman, strategist at Macquarie, in a note.
Kounis said he expects the details to look much like those that accompanied the second round of TLTROs by, in particular, excluding mortgages and current TLTRO loans from the benchmark for lending capacity. That would still leave additional lending capacity of around €980 billion overall, he said, though relatively modest amounts for Italy of around €31 billion and €43 billion, respectively.
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