Monetary developments weakened further in December. The annual growth rate of eurozone M3 monetary aggregate slowed to 1.0% y-o-y in December after posting 1.5% y-o-y growth in November, below consensus expectations (1.7% y-o-y) and posting the lowest annual growth rate since September 2010. Meanwhile, lending to the private sector remained at -2.3% y-o-y in December, […]
As expected, nothing concrete was announced yesterday. Nevertheless, Mario Draghi hinted at some interesting points, but it required reading between the lines. During the press conference the ECB president emphasised the central bank’s forward guidance. On several occasions he referred to the current low level of inflation and the risk of seeing this situation last longer: […]
The Ecofin Council has finally reached an agreement on a general approach to a Single Resolution Mechanism (SRM) with the creation of a single decision body named the Single Resolution Board (SRB) and a Single Fund for the resolution of banks (SRF). The adoption of an SRM is a necessary element for the euro area […]
Composite PMI: first increase after two month of decline In December, the flash euro area manufacturing PMI expanded by 1.1 points to 52.7, well above consensus expectations (51.9). By contrast, the flash euro area services PMI continued its downward trend by declining from 51.2 in November to 51.0 in December, below consensus expectations (51.5). As […]
The 2013 awards, presented by Professional Wealth Management, a Financial Times publication, attracted entries from 103 banks in 45 countries. The panel of nine judges singled out Pictet as an example of a bank that is already devoting itself to improving its wealth management service and reinventing itself with the times.
Manufacturing PMI worse than expected For the second month running, the manufacturing PMI showed a decrease. Indeed, the flash euro area manufacturing PMI dropped to 46.5 in April from 46.8 in March, below consensus expectations (46.7). By contrast, the flash euro area services PMI posted a slight rise of 0.2 point to 46.6 in April, […]
The Cypriot parliament’s overwhelming rejection of the proposed levy on bank deposits has piled confusion upon uncertainty. In this note, we have looked back at the origins of the crisis, explored the kind of options left open to the authorities and pinpointed some of the consequences for investors. Origins of the crisis The attractiveness of […]
The tone during yesterday’s ECB press conference was slightly less upbeat than January’s. Accelerating disinflationary process, the impact of the euro’s strength, the fragility of confidence and the downside risks to the economic recovery, give the impression that the Governing Council has not closed the door for further easing measures. As we continue to be […]
Euro area industrial production decreased in November, for the third month running, and reached its lowest since April 2010. Indeed, industrial production fell by 0.3% m-o-m in November, worse than the 0.2% m-o-m rise expected. The October figure was revised up marginally from -1.4% m-o-m to -1.0% m-o-m. Industrial production plunged for all periphery countries […]
Despite a softer contraction than anticipated in the manufacturing sector, today’s PMI data are still in negative territory. As a result, the entry point in the fourth quarter is very low. So today’s release tends to confirm our scenario of a sharper GDP contraction in Q4 than the -0.1% q-o-q recorded in Q3. The flash […]
here and you will be redirected to our Group
website, where you will find some of our content.
For more information about our website data protection policy, please click on the following link:
of cookies for the above purposes.