Follow Paul Donovan

ECB day - try to contain your excitement

| Tags: Paul Donovan

  • The ECB takes centre stage - perhaps the last time for a while, as attention is likely to shift to the Anglo Saxon central banks and tightening cycles with the US Fed meeting later this month.
  • The ECB meeting is less important in some ways than the ensuing press conference. Questions on the poor take up of the TLTRO attempt to stimulate, are likely. Discussions on the banking sector are the most interesting possible topic.
  • The US has little by way of distraction, especially with employment data on Friday. The slightly slower pace of expansion signalled by yesterday's ISM does not undermine the fact that the economy is still growing above trend growth.
  • UK construction sentiment is due - there is evidence of supply constraints in the UK construction sector (not enough bricks, it seems). Spanish unemployment data may also be worth a glance.

Listen to the audio version of this briefing.