GERMAN ECONOMIC EXPECTATIONS START 2021 ON A POSITIVE NOTE, ZEW REPORTS
By Marco Babic ZURICH (MaceNews) – Expectations for Germany’s economy started the year off on a positive note, even in the face of uncertainty about new COVID-19 restrictions, with the outlook for the export market in particular providing a foundation for optimism. The ZEW Institute’s Indicator of Economic Sentiment rose 6.8 points to 61.8 in […]
ITALY’S PM CONTE WINS LOWER HOUSE CONFIDENCE VOTE; SENATE CHALLENGE AHEAD
By Silvia Marchetti ROME (MaceNews) – Italy’s Prime Minister Giuseppe Conte won on Monday a key vote of confidence in the Lower House with 321 votes out of a total 630, six more than the absolute majority required. The main challenge will be on Tuesday morning at the Senate where the ruling coalition has a […]
STATUS CHECK COMMENTARY: WASHINGTON’S IDEOLOGICAL BATTLE AT INFLECTION POINT
–‘I Have a Dream’ or “I Have a Nightmare?’ WASHINGTON (MaceNews) – The following is Monday’s status check of developments in the U.S. that can influence economic, health and political outcomes. • Great battles seldom preserve the status quo and the one shaping up in Washington could greatly accelerate ideological change or usher in an […]
ITALY RECOVERY AHEAD, BACK TO PRE-PANDEMIC LEVELS IN 2023 – BOI
By Silvia Marchetti ROME (MNI) – The Bank of Italy Friday forecast an average 3.5% GDP growth this year, 3.8% in 2022 and and 2.3% in 2023 when pre-crisis levels are expected to be recovered. In its economic bulletin the BOI said the European Central Bank’s ongoing accommodative policy stance and new European measures aimed […]
ECB SIGNALS LESS RELIANCE ON QE AMID SIGNS OF GOVERNING COUNCIL DISAGREEMENT
–Minutes of December Meeting Suggest Council May Not Exhaust Emergency QE Allocation By Laurie Laird LONDON (MaceNews) – The European Central Bank could rely more heavily on its long-term refinancing operations in combatting the Covid-related economic downturn, although minutes of the December rate-setting meeting suggest some disagreement about the appropriate policy path. “The focus on […]
ECB’S LAGARDE: BANK TO FOCUS ON ‘FINANCING CONDITIONS;’ DOWNPLAYS EXPANSION OF PEPP
–Ongoing Strategic Review Will Assess Inflation Measurement and ‘Symmetry’ in Meeting Target By Laurie Laird LONDON (MaceNews) – The European Central Bank could continue to rely on its long-term financing operations to provide stimulus to the Covid-stricken euro zone economy rather than expanding its asset purchase programme, according to the Bank’s leader Wednesday. “We’re going […]
BOE RATE SETTER: UK CONTRACTION EXAGGERATED BY STATISTICAL ANOMALIES
— MPC Member Broadbent suggests inflation has fallen by less than feared By Laurie Laird LONDON (MaceNews) – The UK economic contraction may have been exaggerated by the statistical measurement of public services, according to a Bank of England official, who also downplayed sustained below-target inflation in Britain. “Part of the drop in GDP reflects an […]
ITALY GOVT FACES RISK OF COLLAPSE, SHOWDOWN FOR PM CONTE OVER EU AID – SOURCES
By Silvia Marchetti ROME (MaceNews) – Italy faces the risk of a government crisis right in the middle of an unprecedented pandemic as the minor Italia Viva party threatens to pull out of the ruling coalition if a new ruling pact isn’t reached. A meeting scheduled on Tuesday between coalition parties will be showdown time […]
ITALY TO SEEK MORE FLEXIBILITY OVER NEW EU RULES ON NPL’S – COALITION SOURCES
By Silvia Marchetti ROME (MaceNews) – Italy wants greater flexibility over new tighter European-wide credit rules that could further worsen liquidity, according to ruling coalition sources. The new framework, that came into force on January 1, introduces stricter parameters for the ‘default’ classification on non-performing loans and so-called ‘calendar provisioning’ for write-offs, combining a 90-day […]
EURO-AREA ECONOMIC SENTIMENT PICKS UP IN DECEMBER
—Germany Sees Sentiment Stagnate By Marco Babic ZURICH (MaceNews) – Economic sentiment in the Euro-area was a positive note, rising in December from the previous month driven by “markedly higher” industrial and consumer confidence, the European Commission said in its latest Business and Consumer Survey report. Economic sentiment picked up 2.7 points in December to […]