Market news
09.06.2011, 13:26

ECB,Trichet's press-conference: Recent data show continued upward inflation pressure.



  • Inflation pressure mainly due energy, commodities;
  • Latest data coinfirm positive underlying econ momentum;
  • Current interest rates accommodative;
  • Will act if needed;
  • Price stability is a priority;
  • ECB sees 2011 GDP 1.5% to 2.3% (Mar fcast 1.3% to 2.1%);
  • ECB sees 2012 GDP 0.6% to 2.8% (Mar fcast 0.8% to 2.8%);
  • Risks to growth broadly balanced;
  • Downside growth risks from some parts of fin and comm mkts;
  • Downside risks also related to energy prices;
  • Protectionism, global imbalances also downside growth risks;
  • ECB 2011 GDP fcast broadly in line with intl fcasts;
  • 2011 infl fcasts revised up mainly due energy prices;
  • ECB staff sees 2011 HICP 2.5% to 2.7% (Mar fcast 2.0% to 2.6%);
  • ECB staff sees 2012 HICP 1.1% to 2.3% (Mar fcast 1.0% to 2.4%);
  • Important banks continue to expand priv sector lending;
  • Most recent data show positive underlying econ momentm;
  • Monpol stance remains accommodative;
  • Inflation risks up;
  • To act in firm;
  • Strong real GDP growth seen in 1Q in EMU;
  • But 2Q growth slower;
  • 1Q growth partly due special factors;
  • Favorably level of biz confidence in EMU;
  • Priv sector demand shld help EMU to increase growth.

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