EUROPE
Merkel’s Successor
Is Politically Incorrect – BB
There’s
a reason Annegret Kramp-Karrenbauer doesn’t feel the need to apologize when a
group takes offense at her comments.
EUROPEAN CENTRAL BANK
ECB Watch: The
illusion of a real easing package – Nordea
The
ECB surprised by announcing an easing package already today. A closer
inspection reveals the package is less ambitious than Draghi suggested and does
not change the market outlook materially. We now expect the first rate hike in
June 2020.
ECB Review: A postcard from Japan – Danske Bank
the ECB surprised us by announcing a series of TLTRO3 starting in September 2019 and continuing until March 2021, each with a two-year maturity. The ECB further extended the rate forward guidance to rates remaining at present levels ‘at least through the end of the 2019’.
ECB: Panic in
Frankfurt?
– IGN
A
sign of panic or an attempt to get ahead of the curve? The European Central
Bank surprised almost everyone by announcing a new series of measures, trying
to avoid an unwarranted tightening of its monetary stance
ECB: Dovish gamble – IGN
With
new TLTROs and a change to the forward guidance, the European Central Bank
(ECB) today tried to get ahead of the curve. The measures demonstrate the ECB’s
determination but will do little to tackle the drivers of the current slowdown.
ECB may need to do
more in coming months
– ABN
AMRO
Inflation
to undershoot in 2021 despite today’s policy steps * Forward guidance more
dovish, TLTRO announced * ECB view: Growth revised lower, risks remain tilted
to downside * More action in coming months
ECB
Takes a First Step to Admitting Its Mistake – BB
Officials have growing concerns on the
economy. That their stimulus came so soon after QE ended suggests some issues
with decision making.
Why
the ECB Followed the Fed’s Flip-Flopping – BB
Extraordinary steps tell markets to expect
sharply slower growth, continued low interest rates and increased central bank
liquidity.
ECB
unveils fresh bank stimulus amid eurozone gloom – FT
Cheap loans and rate outlook put Draghi in
camp of central bankers making monetary U-turn
Martin
Sandbu: Will the ECB ever be able to abandon monetary stimulus? – FT
The economy has turned out, time and
again, to be weaker than expected
European Banks
Tumble After ECB: Here's Why It's Not Working – ZH
REGULARS
Five Things to
Start Your Day Asia
– BB
Eco Day Asia – BB
Beige
Book Warning, China Cash Conundrum, New ECB Loans * OECD cuts global outlook
again and warns worse may be ahead * Australia’s swap rates are sliding as
rate-cut calls intensify
Five Things to
Start Your Day Europe – BB
EU Open Rundown – RANsquawk
FirstFT Daily
Briefing
– FT
Brussels Briefing – FT
The
ECB confronts the slowdown: central bank is unlikely to do an about-turn just
yet on bond-buying
Brussels Edition – BB
Brussels Playbook – Politico
Parliament
is closed — RIP asylum reforms — How to fight the Red Elephant
Danske Daily – Danske
Bank
Eco Day Europe – BB
ECB
Fresh Support, BOE in No Rush, Trade War Scars * Serbian central bank set to
hold rates, awaits ECB guidance * Robust U.S. data could see Fed Reserve still
raising rates
Daily Market
Comment
– Marc
Chandler
EMU
looks to ECB
Five Things to
Start Your Day US
– BB
US Open Rundown – RANsquawk
US Open – ZH
Markets
Slide On Worsening Global Growth Outlook, All Eyes On Draghi
Eco Day US – BB
Trade
War Scars, ECB Fresh Support, BOE Patience * Deal or no deal, trade war is
leaving scars on global economy * ECB readies policy response amid slowdown in
euro-area
FINNISH
Aamukatsaus – Nordea
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