Friday, 16 November, 2018

European Central Bank calls halt to quantitative easing, despite 'soft' euro

Drama Over?       Italian two-year yields though not back to pre-crisis levels are much lower than in late May Drama Over? Italian two-year yields though not back to pre-crisis levels are much lower than in late May
Rhonda Young | 17 June, 2018, 05:45

The central bank said Thursday that it would reduce the bond purchases that make up the program in the final three months of the year, before halting them altogether at the end of December.

"Governments need the discipline of the free-functioning market as an incentive to focus on sound sustainable policies that promote growth in their economies and businesses".

This development occurred in the wake of a decision made by the European Central Bank to keep interest rates at record lows into 2019 while simultaneously moving to end its massive bond purchase scheme which was previously implemented as part of its anti-crisis measures. Higher rates can stave off inflation, but they can also hinder economic growth.

Looking ahead, investors will receive on Friday morning the Industrial Production and Capacity Utilization report for May, the Empire Manufacturing report for June, and the preliminary reading of the University of Michigan Consumer Sentiment Index for June.

While rate moves will not be on the ECB's agenda for months, policymakers in public and private have said that market pricings for such a move are realistic.

Eight injured in Moscow after taxi mounts pavement
Two Mexican nationals, who had come to Russian Federation for the World Cup , were among the injured in the incident. The accident took place on Ilinka Street, about 200 metres from Red Square and Moscow's famous Gum shopping arcade.

The main refinancing rate, which determines the cost of credit in the economy, remained unchanged at 0.00 percent while the rate on the marginal lending facility - the emergency overnight borrowing rate for banks - remains at 0.25 percent.

The ECB wants inflation at just under 2 percent, and the last figures show it at 1.9 percent - technically in line with the goal, but the ECB must also be sure inflation will stay high when stimulus is removed.

The ECB's statement reflected the battle between hawks and doves on the bank's council, with the decision on QE matched by a softening of its approach to interest rates.

There's little doubt, however, that the European Central Bank stimulus program has helped heavily indebted countries like Italy borrow at unusually cheap rates. Soybean futures fell 2.5 percent, hitting their lowest level since June 23 of past year. It was also not deterred by questions about the new populist government in Italy. A coalition between the anti-establishment 5-Star Movement and the anti-immigration League has promised spending that could add to the country's already heavy debt load.

"The ECB has laid the foundations to begin normalisation next year but the process will be very gradual given below target inflation and current geopolitical uncertainties", ANZ economists said.

Harvard University accused of ranking Asian-Americans lowest on "personal qualities"
Harvard is calling the suit , "the latest salvo by ideological opponents of the consideration of race in university admissions". Friday's court filings followed a recent battle over a trove of Harvard data reviewed by lawyers during the discovery process.

Meanwhile, the central bank sees inflation more firmly on course, upgrading its predictions for 2018 and 2019 from 1.4 to 1.7 percent.

The stimulus on both ends was unprecedented in size.

World oil markets cratered on fears of increased supply, with U.S. Crude on track for its biggest decline since May 15, and to end the week down 1.3 percent.

"Notwithstanding the initial reaction, we maintain our view that the end of QE will underpin the euro and lead to upwards pressure on Eurozone bond yields". France's CAC-40 was up 1.4pc and Germany's DAX ended the session nearly 1.7pc higher.

Shares in miners Glencore, Rio Tinto and BHP Billiton fell between 1 and 1.6 percent.

David Spade Donates $100K to Mental Health Group After Kate's Death
A report by the CDC said across the board, suicide rates have increased more than 30 percent in half of the states since 1999. And lest we are tempted to categorize suicide as simply a mental health issue, recent studies indicate that is not the case.

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