Daily Note – Mario’s Christmas gift?

david-rosenberg-mario-draghi-just-uttered-his-famous-last-wordsSummary

  • Global market round-up
  • ECB opens the door to easing in December
  • What exactly will the ECB do?

Good morning,

Global equities rallied and EURUSD fell circa 2%, to a two-month low, after the ECB left policy on hold but signalled that further easing could come at the December meeting. Euro area bonds also rallied sharply; 10y Italian and Spanish yields fell more than 15bp, while bunds rose by more than 7bp. Also, the 1y1y EUR swap rate fell to a 52-week low.

In the US, equities were supported by positive earnings announcements and in Asia-Pacific, Japanese and Australian equities outperformed (up circa 2%).

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GlobalMacro360 Daily Note 23rd October 2015

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