- 03 Feb '22 at 7:00 am #33317Helmholtz WatsonParticipant
ECB left rates unchanged as expected in February. The bank left deposit facility interest rates at -.50% and held steady rates on the main refinancing
[See the full post at: ECB Leaves Rates Unchanged, Expects APP Purchases to End Shortly Before Starts Raising Key Rates]03 Feb '22 at 7:40 am #33318TradersComKeymaster
ECB’s Lagarde opening statement:
Inflation to remain elevated for longer than expected
Inflation rise is due to energy
Economy hurt less by pandemic
Growth subdued in Q1
Shortages are restraining activity and remained a headwind
Bottlenecks may be starting to ease but may persist for some time
Inflation increased to 5.1% y/y in January and is likely to remain high in the near term
The direct impact of energy accounted for half of the rise in January
Wage growth is muted07 Feb '22 at 8:03 am #33463TradersComKeymaster
European banks CDS soared last week, UniCredit up 7 to 82bps
Index of European subordinated bank CDS rose 10 to 15-mth high 138 bps (traded up to 144bps intraday Friday).
Index of European high yield bond CDS rose 29 to 15-month high 315 bps.
European banks stocks were higher this week, with the STOXX 600 Bank Index’s 2.4% advance boosting y-t-d gains to 9.8%.
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