ECB’S LANE: BASELINE FORECASTS BASED ON WIDESPREAD COVID JAB BY END-2021
By Laurie Laird LONDON (MaceNews) – The most recent ECB economic forecasts assume that a vaccine to combat Covid-19 virus could be available by the end of next year, according to the central bank’s chief economist, Philip Lane Friday. The “baseline” estimates assume that “maybe a vaccine will be found by the middle of next […]
ECB ‘MONITORING’ EURO STRENGTH; UPGRADES 2020 GDP FORECAST
— Rate on Hold After Latest Governing Council Meeting By Laurie Laird LONDON (MaceNews) – The European Central Bank discussed the recent appreciation of the single currency at its latest governing council meeting, but declined to specify the risks of sustained euro strength to the nascent economic recovery. The governing council made a rare passing […]
TEXT: ECB POLICY STATEMENT
FRANKFURT (MaceNews) – The following is the text of Thursday’s European Central Bank policy statement: At today’s meeting the Governing Council of the ECB took the following monetary policy decisions: (1) The interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged […]
STATUS CHECK: LOOKING BEYOND THE ELECTION
WASHINGTON (MaceNews) –-The following is Sunday’s status check of developments in the U.S. that can influence economic, health and political outcomes: On this holiday weekend, instead of the usual recounting of the significant news of the day – of which there is none right now – today’s “Status Check” reflects on a speculative future beyond […]
BOE’S BAILEY: BANK UNDERESTIMATED ITS FIRE POWER; SEES AMPLE ASSETS IF EXPANDED QE NEEDED
By Laurie Laird LONDON (MaceNews) – The Bank of England underestimated the tools at its disposal in the event of a Covid-sized crisis and sees an ample supply of financial assets should the economy require further quantitative easing. “It looks from today’s vantage point that we were too cautious about our remaining firepower pre-Covid,” said Bank […]
CORONAVIRUS DEALS BLOW TO GERMAN CONSUMER CONFIDENCE: GFK INSTITUTE
By Marco Babic ZURICH (MaceNews) – After improving for three consecutive months, consumer confidence in Germany fell on fears coronavirus restrictions will be further tightened, which served to dampen income expectations. Based on August results, Germany’s GfK institute is forecasting a reading of -1.8 in September for consumer confidence, down from a revised -0.2 in […]
GERMAN BUSINESS SENTIMENT CONTINUED TO IMPROVE IN AUGUST
By Marco Babic ZURICH (MaceNews) – Business sentiment in Germany improved for the fourth consecutive month in August as both current conditions and expectations for the situation in the next six months rose. The Ifo Index of Business Sentiment rose to 92.6 in August, slightly above the median forecast of 92.4 in an Econoday survey […]
BoA GLOBAL FUND MNGR SURVEY: INVESTORS INCREASE EQUITY HOLDINGS, TRIM BOND UNDERWEIGHT
–Inflation Concerns Broaden –US Election Deemed 3rd Biggest Tail Risk, Behind Covid/US-China Trade By Vicki Schmelzer NEW YORK (MaceNews) – Global investors polled in August were confident enough about global growth to increase their equity holdings and pare back their bond underweight, according to the findings of the BofA Global Research’s monthly fund manager survey, […]
GERMANY’S ECONOMIC OUTLOOK IMPROVES IN AUGUST, BEATING EXPECTATIONS
ZURICH (MaceNews) – The outlook for Germany’s economy improved in August after a modest decline the previous month, surpassing expectations for a slight decline from the previous month, while the assessment of the current situation was slightly worse. The ZEW indicator of economic sentiment for Germany rose to 71.5, an improvement of 12.2 points from […]
BOE DEFENDS FORECASTS AS AGENTS QUERY OPTIMISTIC ASSUMPTIONS
By Laurie Laird LONDON (MaceNews) – Top Bank of England officials Friday reiterated the downside risks to forecasts of a smart economic rebound under questioning from the BoE’s regional representatives about the Bank’s baseline forecasting assumptions. The central forecast released Thursday “is sensible,” albeit with “very substantial” downside risk, said Governor Andrew Bailey, addressing a […]