Thousands of City jobs saved as UK wins battle with ECB over clearing houses March 4, 2015 The government has won an important legal challenge to a European Central Bank (ECB) decision, safeguarding thousands of jobs in clearing houses across the City of London. The EU General Court in Luxembourg ruled today that the ECB could not require clearing houses handling significant euro-denominated assets to be based in the Eurozone. “The ECB lacks [...]
Mario Draghi calling: Why the ECB’s QE may struggle to reach €1 trillion March 3, 2015 The European Central Bank’s (ECB) version of quantitative easing (QE), which was announced to much fanfare in January, involves the purchase of bonds from both institutions and individuals. ECB president Mario Draghi hopes that the proceeds of these sales will be used to buy other assets or to lend, thereby oiling the wheels of the [...]
ECB meeting preview: What traders should expect from it March 2, 2015 Despite a range of economic indicators suggesting that the Eurozone economy has finally begun to turn a corner, markets had an uncertain start to the week. Although the currency bloc’s unemployment rate slipped to 11.2 per cent in January and a flash estimate of inflation came in at a better-than-expected -0.3 per cent in February, [...]
ECB minutes show “large majority” in favour of quantitative easing February 19, 2015 The first-ever minutes of a meeting of European Central Bank monetary policymakers has shown that a "large majority" of its governing council supported the introduction of a quantitative easing programme. The 9,000 word document shows its governing council was concerned low oil prices would lead to long-term low inflation. This, in turn, raised the possibility [...]
Draghi’s bond buying sparks EU shares rush February 17, 2015 FUND managers are shunning US shares in favour of Eurozone stocks in the wake of the European Central Bank’s (ECB) massive bond buying programme, a poll showed yesterday. Allocations to listed stocks in the Eurozone rose to its second highest level ever this month, according to Bank of America’s fund manager survey, threatening to breach its [...]
Five reasons why the FTSE 100 is pushing towards a record high: Greek debt negotiations, Draghi’s “Bazooka” and a falling pound February 16, 2015 The stock market is edging towards a record high, moving closer to the record of 6930 points it hit on 30 December 1999: or the year the euro was launched, Tracey Emin's "My Bed" went on show at the Tate, everyone fretted about the Millennium Bug and the dotcom bubble was busily inflating. So here's [...]
Greece bailout deadline: ECB raises pressure for agreement but extends new loans to Greek banks February 12, 2015 Greek banks have been given an extra €5bn (£3.7bn) worth of emergency loans by the European Central Bank (ECB). The decision was made during a phone call between members of the bank's governing council earlier today, and will take the country's emergency funding up from €60bn (£44bn) to €65bn (£48bn). "It is key that [...]
Rude awakening for Greek hopes as ECB refuses to accept debt as funding collateral February 4, 2015 The new Greek government was left with a bloody nose last night after Eurozone central bankers abruptly scrapped their acceptance of the ailing Mediterranean country’s debt as collateral for funding. Syriza – Greece’s radical left-wing anti-austerity party – has spent this week sending its leaders on a charm offensive across Europe, confidently expecting to negotiate a [...]
Syriza facing biggest test since election as Yanis Varoufakis meets ECB chief Mario Draghi February 3, 2015 Greece’s maverick new finance minister faces his biggest challenge today as he heads to Frankfurt for potentially make-or-break negotiations with European Central Bank (ECB) chief Mario Draghi. Yanis Varoufakis is expected to try to shore up Greece’s near term finances by requesting a ceiling on Greece’s short-term borrowing to be lifted. However, some observers believe [...]
ECB’s €1tn QE plan: Economists surprised, but leaders warn on reforms January 22, 2015 European politicians have been warned not to ease off on economic reforms now that billions of euros worth of quantitative easing (QE) has been launched, while economists have been surprised by its scope. “Regardless of what the ECB [European Central Bank] does,” Angela Merkel said in Davos yesterday, “it should not obscure the fact that [...]