Thungen Financial 5th November 2014 - ECB Meeting Pre-View

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Thungen Financial 5th November 2014 - ECB Meeting Pre-View

Tomorrow see's the November monthly meeting of the European Central Bank.

This week has seen data that has shown manufacturing dropped in the EU in the majority of its members and that inflation was still at just 0.4%.

After last month's announcement that the Central Bank would be looking to more stimulus in the form of an asset buying program, many believe that we will just see further specifics of that plan instead of more stimulus program news.

The meeting comes a day after the bank downgraded its growth forecasts for the next 2 years. The ECB see's growth in the Eurozone at just 0.8% for 2014 and 2015 will not be much better at just 1.1%.

With the huge influx of cash given already by the ECB and the reluctance of major banks in Europe to start lending again it is hard to see how Europe will stem the stagnation and turn its economy round. The purchase of government bonds has been suggested my both the Federal Reserve and the Bank of China and if the ECB should follow through with this type of stimulus, it would be a concern many of the healthier EU members would raise very quickly.

The UK for instance has just been asked for over a €1bn in additional taxes due to its economy performing better than other members.

The recent behavior of the ECB and in particular its President Mario Draghi has been called to the table and there could be some interesting comments after tomorrows meeting.

Major European Markets as of 4th November 2014

FTSE 100 6,453.97 (-0.52%)

DAX 9,166.47 (-0.92%)

CAC 40 4,130.19 (-1.52%)

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DISCLAIMER  The views, opinions, findings, and conclusions or recommendations expressed on this service are those of the author(s) and do not necessarily reflect the views of the Thungen Financial Advisors. All market data within this release is for your general information and enjoys indicative status only. Thungen Financial Advisors does not accept any responsibility for its accuracy or for any use to which it may be put. All share prices and market indexes delayed at least 15 minutes. 52 week high and low values are calculated from close price data.