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2021/12/02 / Erste Group Research

Omicron and inflation haunting the financial market

Omicron, the new mutation of the coronavirus that was first identified only a few days ago, briefly sent European financial markets into a state of shock. However, a slight recovery could already be observed at the beginning of the week. Uncertainty goes around, but panic remains absent. But we are not anywhere near the all-clear. For this, we do not know yet enough about Omicron.

Eurozone inflation exceeded consensus estimates by far, setting a new high of +4.9% y/y since the currency union was established. Inflation rate should have now peaked, and we expect it to decline in 2022 due to base effects. ECB officials keep stressing the ability and willingness of the central bank to keep supporting the economy. Decisions may be taken or at least hints may be given at the next ECB meeting on 16 December.

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- S&P downgrades Bausparkasse Wuestenrot to 'BBB', outlook stable

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General information

AuthorErste Group Research
Date2021/12/02
Languageen
Product nameCredit News
Topic in focusCredits/ Corporate bonds
Economy in focusAustria, Eurozone
Currency in focusEuro
Sector in focus-
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