Titoli di Stato area Euro Titoli di stato Portogallo - Tendenze ed operatività (2 lettori)

Vespasianus

Princeps thermarum
Bank of Spain governor and European Central Bank policymaker Luis Maria Linde said on Thursday it was important that any reduction in the bond-buying programme known as quantitative easing be done slowly and not abruptly.

"There's a deadline in March next year and a discussion is under way on scaling it back gradually because you can't go from a certain amount to zero in 24 hours," Linde said in a debate with students in Florence.

The ECB is due to consider in December whether to extend its 80 billion euros per month of asset purchases beyond March, as inflation remains far below its target of just under 2 percent.


Linde said he could not say when the quantitative easing (QE) programme would be halted.


"These are uncommon measures which will be halted once the situation normalises, which means when inflation will return close to or below 2 percent," he said.

Data on Thursday indicated that both corporate and household lending growth has levelled off below 2 percent, keeping the pressure on the ECB to maintain its aggressive stimulus policy for months to come.

Linde said scaling back the QE programme slowly was important for markets.

"For me going slow is a very important thing, only if we go slowly will we avoid surprises on the financial markets because surprises are dangerous," he said.

(Reuters)
 

Vespasianus

Princeps thermarum
La risposta di Costa a Schaeuble.

Confrontado com declarações proferidas pelo ministro das Finanças alemão, Wolfgang Schäuble, na quarta-feira, segundo as quais Portugal estava no bom caminho económico-financeiro até mudar de Governo, o primeiro-ministro alegou que não deu muita atenção a essas palavras.

"Dou sobretudo atenção aos alemães que conhecem Portugal e, por isso, sabem do que falam", declarou, afirmando mais à frente que "o preconceito é muito pouco inspirador para se falar com tino", declarou esta quinta-feira, 27 de Outubro.

Costa responde a Schäuble e afirma só dar atenção a alemães que conhecem Portugal
 

Vespasianus

Princeps thermarum
Rendimenti decennali già in crescita di 1-2 pb. Resiste solo il portoghese. È il mondo alla rovescia...

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Vespasianus

Princeps thermarum
Reuters.

The European Central Bank will continue to provide stimulus until inflation rebounds, but its room to manoeuvre has been reduced, so governments need to start shouldering some of the burden, ECB policymaker Benoit Coeure said on Friday.

Arguing that the ECB's unprecedented stimulus has so far been appropriate, Coeure also warned that stimulus comes with side effects and faces effective limits, requiring a renewed focus in the public debate about who is responsible for reviving the euro zone economy.

"Postponing the necessary reforms is not a valid option anymore," Coeure told a conference on Friday. "Procrastination and forbearance have not served the euro area well... If our banks had been cleaned up and strengthened early after the crisis, our growth path would today be higher."

...

Coeure said that while the bottom for rates, where households and businesses switch to cash, is still below the ECB's minus 0.4 percent deposit rate, there is also an economic lower bound, where the negative impacts from weakened monetary transmission outweigh the benefits.

Still, Coeure dismissed any suggestion the ECB was about to give up, arguing that missing the bank's 2 percent inflation target too often could lead to permanently lower inflation, a hard to break cycle.

"Monetary support for the recovery will continue until inflation is sustainably adjusting to our objective," he said. "Although our objective is forward looking, there is a risk that continued undershooting of our inflation aim will cause households and firms to revise down their inflation expectations."
"And lower inflation expectations directly lower the equilibrium nominal interest rate, requiring a lower interest rate to create monetary stimulus," he added.
 

Vespasianus

Princeps thermarum
The European Central Bank will continue to provide stimulus to the euro zone economy until the bloc's inflation rate is back on the path towards its near 2 percent target, Ireland's policymaker at the bank said on Friday.

"We have said in December we are going to have more data and new forecasts... and at that point, with that information, that is going to be a delta compared to now in terms of what we could decide (to do next)," Irish ECB Governing Council member Philip Lane added at a Reuters Newsmaker event.

(Reuters)
 

Vespasianus

Princeps thermarum
Euro-area economic confidence rose to a 10-month high in October after French growth rebounded and Spain powered ahead, pointing to new signs of resilience in the 19-nation bloc.

An index of executive and consumer sentiment in the region rose to 106.3 from 104.9 in September, the European Commission in Brussels said Friday. That’s the strongest reading since December and beats the median estimate in a Bloomberg survey, which was for an unchanged reading.

The data offer a glimpse of the euro area’s economic performance after the U.K.’s decision to leave the European Union increased downside risks to the fragile and uneven recovery. Diverging growth rates are keeping pressure on the European Central Bank to maintain unprecedented stimulus to strengthen the economy and bring inflation back to its goal of just under 2 percent.

“The recovery is resilient, even if the growth outlook remains modest,” said Marco Valli, chief euro-area economist at UniCredit SpA in Milan. “Monetary policy is supporting growth, but it’s not feeding through to the underlying inflation trend. The ECB will be much more focused on that rather than growth data, which is going according to plan.”

Euro-Area Confidence Jumps as France Rebounds, Spain Expands


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Vespasianus

Princeps thermarum
Euro zone economic sentiment was much better than expected in October driven by higher optimism in industry and services, a monthly European Commission survey showed on Friday.

The Commission said the economic sentiment indicator rose to 106.3 in October from 104.9 in September, well above market expectations of a small decline to 104.8.

Separately, the business climate indicator also calculated by the Commission, rose to 0.55 from 0.44 in September, its highest reading since July 2011.

Selling price expectations among manufacturers rose sharply to 3.2 points in October from 0.0 in September and -0.8 in August, coming closer to the long-term average of 4.7.

Among consumers however, inflation expectations over the next 12 months remained subdued, easing to 4.3 in October from 4.7 in September and remaining well below the long-term average of 19.

(Reuters)
 

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