Deutsche Bank analysts suggest that the market highlight today comes from the ECB, in what will be President Mario Draghi’s last Governing Council meeting before Christine Lagarde takes over on 1 November.
“His final choice of tie colour will be of great interest to all. Maybe it will be a novelty bow-tie. Over his 8 years in charge, the Euro Area has emerged from its sovereign debt crisis and seen unemployment fall to 7.4%, its lowest since May 2008. However, inflation has proved stubbornly difficult to return to target (averaging 1.19% over the period), standing at just +0.8% in September, while five-year forward five-year inflation swaps stand at just 1.202%, so not exactly a vote of confidence from the markets that they expect the ECB to get inflation back up again anytime soon. Although Draghi’s term has another week to go we thought we’d mark his last press conference with a look at the performance of our usual sweep of key global assets under his 8 year tenure.”
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