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The macro-fundamentals are starting to turn against equities, but the policy put is alive and well. Even if EZ equity earnings rise by 40% over the next year, as analysts...
We look for Q2 GDP growth in the EZ at 1.5% quarter-on-quarter, the same as the consensus. This week's EZ inflation reports for July are a banana-skin for forecasters; don't...
The PMIs point to a sustained, and strong, expan- sion in EZ economic activity at the start of Q3. The renewed surge in virus cases is a threat to the lofty consensus Q3...
The ECB formally presented its new inflation target yesterday, and updated the forward guidance on rates attached to it.
Today's ECB meeting was supposed to be a snoozer, in which the council goes on holiday with the message that it will hold off making any major decisions on the pace of...
This is not, on the face of it, the best time to take a step back and look at the prospects for net exports in the Eurozone in a post-Covid world.
The ECB is pushing forward with its commitment to incorporate climate change into its policy framework over the next few years.
The ECB sprang a surprise on markets yesterday, releasing the details of its policy review--see here--ahead of the planned announcement in September.
Judging by the questions we're receiving from readers, and reports in the financial news, the outcome of the ECB's strategic policy review is now starting to occupy investors'...
From an immunological perspective, variant risk is assessed on a spectrum--no variant is either completely resistant or susceptible to the vaccines--but for markets it is...
European Commission President Ursula von der Leyen is currently on tour in Europe, negotiating with national governments on the final makeup of the spending plans for the...
With Mr. Biden recently installed in the Oval office, and the Conservative government in the U.K. not battling for re-election until 2024, the main sources of political risk...
The Eurozone's external surplus rebounded at the start of Q2.
Yesterday's decision by the SNB to keep its policy rate unchanged, at -0.75%, was widely expected.
The Swiss National Bank (SNB) will keep its powder dry today and leave its policy rate at -0.75%, a number we recommend investors get used to.
In preview, we still think the central bank is setting the bar a bit too high.
The ECB conformed to our expectations yesterday, guiding markets towards unchanged and ample accommodation through Q3.
The best way to explain the ECB's position, ahead of today's policy decision, is that the central bank has plenty of circumstantial evidence that a strong recovery has begun,...
Yesterday's main economic reports point to mixed conditions in euro area manufacturing at the start of Q2.
If the PMIs are right, services activity in the Eurozone rebounded strongly midway through the second quarter, as virus restrictions were eased.
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