ECB

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Today, market watchers are focused on the European Central Bank (ECB) and its latest monetary policy announcement.

Worries about a severe recession grow, as European firms face surging inflation, in particular higher energy costs. Inflation was 9.9% in September 2022, almost five times the ECB’s 2% medium-term target and the highest rate ever recorded. The S&P Global flash composite PMI for the Euro area fell to 47.1 in October 2022, down from 48.1 in September and below the forecast of 47.5. The reading, published on Monday, showed an intensified contraction in the euro area economy.

As widely expected, the Governing Council raised the three key ECB interest rates by 75 basis points at its October 2022 meeting. This brings the deposit facility rate at 1.5%, the main refinancing operations rate at 2.0% and the marginal lending facility rate at 2.25%.

The “jumbo” rate hike is the third consecutive increase this year (50 bps in July, 75 bps in September, 75 bps in October), as the ECB tightens its monetary policy to fight soaring inflation. The Governing Council expects further raises to bring inflation down to its 2% target. Moreover, the ECB changed the terms and conditions of its targeted longer-term refinancing operations (TLTRO III), by adjusting the interest rates applicable from November 23 and offering banks voluntary early repayment dates.

There is no big market movement as the 75 bp rate hike was highly expected.

This communication is for informational purposes only. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. All market prices, data and other information are not warranted as to completeness or accuracy and are subject to change without notice. Any comments or statements made herein do not necessarily reflect those of Aleph Finance, or its affiliates.

Aleph Finance is a trading name of UCapital Asset Management LLP.

UCapital Asset Management is authorized and regulated by the FCA – Financial Conduct Authority – with registration number 477155.
UCapital Asset Management LLP is authorized as third country firm without a branch by CONSOB with registration number 54.

Registered Company number OC333807.

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Past performance is not a guide to future returns. The value of investments and any income from them is not guaranteed and may fall as well as rise and the investor may not get back the original amount invested.

Aleph Finance is a trading name of Pairstech Capital Management LLP.
Pairstech Capital Management LLP is authorized and regulated by the FCA – Financial Conduct Authority – with registration number 477155.
Pairstech Capital Management LLP is authorized as third country firm without a branch by CONSOB with registration number 54.
Registered Company number OC333807.

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Past performance is not a guide to future returns. The value of investments and any income from them is not guaranteed and may fall as well as rise and the investor may not get back the original amount invested.

Aleph Finance is a trading name of Pairstech Capital Management LLP.
Pairstech Capital Management LLP is authorized and regulated by the FCA – Financial Conduct Authority – with registration number 477155.
Pairstech Capital Management LLP is authorized as third country firm without a branch by CONSOB with registration number 54.
Registered Company number OC333807.

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