What happened while you were snoring? • ECB’s Draghi sees inflation increasing gradually in ‘15/’16, ECB rates to remain at present levels for extended period of time, will maintain high degree of monetary accommodation, appreciated fx rate is a risk to sustainability of recovery, reiterated ECB is unanimous in being ready to use unconventional measures if needed, QE falls squarely in our mandate • IMF says EZ needs to support demand, complete banking union & advance structural reforms, says EZ QE could boost growth & inflation in the EZ, says if ECB decides to buy assets it should focus on govt bonds • Canadian home prices rise 0.9% in June (Teranet) • Fitch Canadian home price gains continue to drive overvaluation • Spain’s treasury says to issue up to EUR 7.5n this week • Chile revises ’14 growth estimate to 3.2 from 3.4%, sees annual inflation at 3.9% in December • Brazil ’14 inflation f/c 6.48 v 6.46%, ’14 GDP growth 1.05 v 1.07% (BCB weekly poll) • US Attorney General says DOJ announces civil resolution w/Citigroup totaling USD 7b in fines, under terms of the agreement the bank has admitted to its misdeeds in great detail • GS raises is S&P 500 ’14 YE f/c to 2,050 from 1,900, ’15 target unchanged at 2,100
Posted on: Tue, 15 Jul 2014 03:15:30 +0000
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