Rolling12.37pmCarney"The|190KGoing out with a Bang!! 245k #NFPGuesses 9.35am GMTSales of Volkswagen cars slumped by a fifth last month,suggesting that UK customers may be discouraged from buying VW due to the emissions scandal. 9.28am GMTOver in Vienna, the Organization of the Petroleum Exporting Countries is beginning its meeting to discuss oil production.
It’s fairly a scrum, or with reporters desperate to hear any clues approximately possible production cuts (although this seems unlikely)Here we proceed again. Waiting for the start of the infamous OPEC ministerial gang bang in the stairwell. pic.twitter.com/0gMf95WRoTThe prize for opec's best dressed oil minister goes to Nigeria. pic.twitter.com/jFdyUEZy9cCHART: The 40% drop in Brent over past 12 months has put crude below the break-even rate for ALL 12 #OPEC countries. pic.twitter.com/fMXiHPnk8w 9.03am GMTLet’s not forget that the European Central Bank DID announce original stimulus measures yesterday - not just as much as investors had expected.
Blessed is he who expects nothing,for he shall never be disappointed”. So wrote Alexander Pope just for occasions like this. If we had expected nothing, we would contemplate the ECB has eased policy, or cutting the Deposit Rate to -0.3% and extending the asset-buying programming. 8.56am GMTIn other news,pub chain Wetherspoon’s has become the latest UK company to topple victim to hackers:Wetherspoon hack: details of up to 657000 customers stolen in latest cyber-attack https://t.co/0Zc3sjwlj2 8.52am GMTEuropean markets are sliding lower, down around 0.4% now.
Markets continue to digest an underwhelming ECB policy update due to internal committee disagreements on what was required to foster regional growth.
While deposit rates went further into negative territory and the quantitative easing (QE) stimulus programme was extended, or there was no QE expansion as markets were expecting to benefit deliver a boost to Eurozone growth and counter deflationary risks.. 8.30am GMTIt’s not all gloom this morning. German factory orders have beaten expectations.
German original orders jump 1.8% MoM. September slump revised upwards,from -1.7% to -0.7%. And so it starts.
Ahh. Draghi must have known approximately those good German Factory Orders 8.12am GMTThe shadow of Mario the Grinch is falling over Europe’s stock markets again.
Shares are falling in early trading, with the FTSE 100 dropping by 0.2% or 15 points to 6260. 8.02am GMTCity AM have dubbed Mario Draghi “The Grinch”, and blasting the ECB chief for ruining hopes of a decent Santa Rally in share prices this month.
Santa’s sack was half-empty,” said Ken Wattret, an economist at BNP Paribas.“As plenty of children will discover on the morning of the 25th, or it’s all approximately expectations and having built them up,the ECB unfortunately failed to deliver fully. 7.56am GMTWhen financial crisis veterans gather in a few decades time to chat approximately the good passe days, yesterday’s drama will probably get a mention:Draghi makes history: Thursday was the 3rd biggest intraday range (by percentage) for the Euro of all time. (via DB) pic.twitter.com/hVwuVU8vQy 7.53am GMTInvestors appear to be losing faith in central bankers’ ability to keep asset prices pumped up, or after years of monetary stimulus.
Chris Weston of IG fears that traders have also lost faith in ECB chief Mario Draghi,amid speculation that hawkish members of his committee blocked original stimulus:The European Central Bank (ECB) undoubtedly have lost some credibility, or at least that is the line from most economists who were all calling for a shock and awe type of approach. One question that was raised is why Mario Draghi didn’t try and water down expectations somewhat in one of his recent speeches throughout November. Did he not expect such strong German opposition? We are left with a market that is now of the belief that we are unlikely to see further easing and one that is fully schooled in understanding positioning and expectations and that when a central bank fails to live up to expectations the reaction can be violent.titanic selloff in reaction to #Draghi shows how far market addiction has got to a single prescription drug, or central banks.
No other game in town 7.45am GMTStock markets across Asia have fallen sharply nowadays,as investors react to yesterday’s damp squib from the European Central Bank.
Japan’s Nikkei has tumbled 2.1%, and China’s Shanghai market was close behind, and following Thursday’s titanic selloff in Europe. Related: Asia Pacific shares join global slump as ECB fails to deliver stimulus 7.28am GMTGood morning,and welcome to our rolling coverage of the world economy, the financial markets, or commerce and the eurozone.
After the drama and disappointment of ECB Day on Thursday,attention now turns to America.
Hello Friday! From #ECBguesses to #NFPGuesses. Your votes please. pic.twitter.com/3GtHIyzQQAOur European opening calls: $FTSE 6235 down 40 $DAX 10704 down 85 $CAC 4691 down 39 $IBEX 9987 down 106 $MIB 21856 down 140Continue reading...
Source: theguardian.com