Wednesday 6th May 2020
The Euro and Italian bonds took a hit overnight with German judges challenging the ECB on its QE activity. NAB’s Tapas Strickland says it won’t interrupt the bank’s current bond buying, including the pandemic emergency purchase program, and would not over-rule any decision from the European Court of Justice. It does demonstrate, again, the complexity of the European experiment. Elsewhere, optimism abounds around a return to work, pushing equities up in the US and Europe, and helping a resurgence in oil. This has been helped by the news that Pfizer and BioNTech might have a vaccine ready by September if their trials in the US are successful. Did you notice the word IF in that sentence?
2 comments on Germany’s judges “declare war” on the ECB
As always, brilliant macro-environment information from Phil; so vital especially now. This is the only place where I can find global economic news so clearly presented, so up-to-date and condensed into what’s most important to know for investors. Thanks, Phil, for the touches of humour that help to lift the news we need to have, and presenting this so well that I actually enjoy listening to what’s happened next with my first cup of tea.
Thanks Kerri 🙂