Following the ECB's expected 75bps rate hike, Adrian Daniel, Portfolio Manager of the MainFirst Absolute Return Multi Asset sees no signs of relaxation.
"While the press conference was still ongoing, the markets had already expressed their lack of confidence in fighting inflation with weaker equity prices, a weaker euro and rising yields on European government bonds. In response, the yield on 10-year Italian government bonds is again trending towards 4%, the level at which the emergency meeting was called to address the fragmentation of the eurozone. Moreover, with its forecast of an estimated 0.9% growth in the Eurozone in 2023, the ECB has drawn attention quite obviously to a risk of stagflation. Thus, the overall situation from a capital market perspective seems to remain difficult for the time being."
In the show "Cierre de Mercados, 17-18h: Los 35 del Ibex con Trader Secrets 09/09/2022 - Parte 1" on Intereconomia (Economic radio station, Spain), Adrian is quoted from 7'30 - 8'00 and 8'22 - 8'40.
Listen to the recording now (Spanish)
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