DCSIMG

Anders Matzen

European Central Bank

Draghi finds discussions about exit strategy premature

Published date: 4 Apr 2012
Steady as he goes was the keyword for the ECB meeting today. All interest rates were left unchanged and the ECB did not announce any new liquidity operations.
Anders Matzen

The Eurogroup agrees to increase firewall to EUR 700 bn

Published date: 30 Mar 2012
Earlier today the Eurogroup announced that the total size of the Euro area's firewall will be raised from EUR 500 bn to EUR 700 bn. This is a welcome move - which should have a positive effect on markets as well - if they can be bothered to care now that the ECB has doped everyone with the two 3-year LTRO's.
Spain

The new Spanish government plays a dangerous game with its 2012 budget

Published date: 30 Mar 2012
Spanish yield spreads are rising ahead of the Spanish government’s presentation of a supplementary budget for 2012. We think the government can pull out of the crisis if the it keeps the momentum behind structural reforms and consolidation.
EUR

Italian and Spanish banks continue government bond buying spree in February

Published date: 28 Mar 2012
Fresh data from the ECB show that Italian and Spanish banks continued to purchase solid amounts of government securities in February. No doubt the ECB’s 3-year LTRO is the main reason behind this move – driving Italian and Spanish yields lower.

April

Draghi finds discussions about exit strategy premature

Published date: 4 Apr 2012 | Analyst: Anders Matzen

Steady as he goes was the keyword for the ECB meeting today. All interest rates were left unchanged and the ECB did not announce any new liquidity operations.

March

The Eurogroup agrees to increase firewall to EUR 700 bn

Published date: 30 Mar 2012 | Analyst: Anders Matzen

Earlier today the Eurogroup announced that the total size of the Euro area's firewall will be raised from EUR 500 bn to EUR 700 bn. This is a welcome move - which should have a positive effect on markets as well - if they can be bothered to care now that the ECB has doped everyone with the two 3-year LTRO's.

The new Spanish government plays a dangerous game with its 2012 budget

Published date: 30 Mar 2012 | Analyst: Anders Matzen

Spanish yield spreads are rising ahead of the Spanish government’s presentation of a supplementary budget for 2012. We think the government can pull out of the crisis if the it keeps the momentum behind structural reforms and consolidation.

Italian and Spanish banks continue government bond buying spree in February

Published date: 28 Mar 2012 | Analyst: Anders Matzen

Fresh data from the ECB show that Italian and Spanish banks continued to purchase solid amounts of government securities in February. No doubt the ECB’s 3-year LTRO is the main reason behind this move – driving Italian and Spanish yields lower.

Disappointing Euro PMI’s send yield spreads wider

Published date: 22 Mar 2012 | Analyst: Anders Matzen

The decline in composite PMI was driven by a 1.3 index point fall in manufacturing PMI to 47.7 in March.

The Euro area: The ECB has done its part – now it’s up to politicians to solve the debt crisis

Published date: 8 Mar 2012 | Analyst: Anders Matzen

The ECB kept all interest rates unchanged at todays meeting. At the same time Draghi used the press conference to signal stable rates ahead, while further 3-year LTRO’s are off the table.

Euro area update: Target 2 imbalances worries the Bundesbank

Published date: 5 Mar 2012 | Analyst: Anders Matzen

After the record breaking allotment of EUR 523 bn in the ECBs second 3-year Long Term Refinancing Operation, attention has once again turned to the build-up of Target 2 balances.

February

Central Bank Watch: Another rush of liquidity to Euro area banks

Published date: 29 Feb 2012 | Analyst: Anders Matzen

The scene is set for further “risk on” after the ECBs second 3-year Long Term Refinancing Operation (LTRO) resulted in allotments of EUR 529.5 bn.

Markets too complacent

Published date: 28 Feb 2012 | Analyst: Anders Matzen

Considering the macro risks hanging over the global economy, we argue that markets may be too complacent. We see four downside risks that could materialise this year, undermining global growth and eventually negatively affecting investor confidence and market valuations of risky assets.

Spanish and Italian banks went on a bond binge in January

Published date: 28 Feb 2012 | Analyst: Anders Matzen

Ahead of the ECBs next 3-year LTRO it is interesting to note that the first 3-year LTRO from December prompted Italian and Spanish banks to go on a bond purchasing spree in January.

January

A Greek haircut could go all the way

Published date: 31 Jan 2012 | Analyst: Anders Matzen

Greece seems to be very close to a deal on a voluntary debt rescheduling, which could be announced later this week.

EU summit is mostly work in progress

Published date: 31 Jan 2012 | Analyst: Anders Matzen

Three topics are worth mentioning about the EU summit Monday

Euro PMI’s point to stable ECB rates

Published date: 24 Jan 2012 | Analyst: Anders Matzen

Euro area PMI's surprised on the upside - driven by Germany.

Konsekvenser af et sammenbrud i euroområdet

Published date: 9 Jan 2012 | Analyst: Anders Matzen

To væsentlige scenarier for euroen. Et delvist sammenbrud hvor Grækenland forlader euroen og er måske efterfulgt at 1-2 andre lande, og et fuldstændig sammenbrud hvor euroen ophører med at eksistere.

US labour market – As good as it gets

Published date: 6 Jan 2012 | Analyst: Anders Matzen

Today's fresh data from the US labour market in December certainly shows an economy that has picked up steam in the second half of 2011.

Euro area turnaround on the way?

Published date: 5 Jan 2012 | Analyst: Anders Matzen

Making a case for why an improvement could be lurking beneath the fog of doom and gloom.