Research Detail
| 2023/10/20 / Erste Group Research |
No need for action by the ECB Next week, we expect an unspectacular meeting of the ECB Governing Council. A change in key interest rates can be all but ruled out. The outlook should not change either. Questions to President Lagarde on the impact of increased oil prices and bond market yields could be interesting. On October 24, a flash estimate of Eurozone PMI data will be published. We do not expect any immediate improvement in sentiment in October. Manufacturing in particular is still suffering from the reduction of substantial excess inventory capacities. At the end of September, Statistics Austria once again revised downward its estimate for Austrian GDP growth in 2Q23. Accordingly, the Austrian economy contracted by -1.3% y/y (previously -1.1% y/y) and by -0.8% q/q (previously - 0.7% q/q). Confidence indicators suggest a rather bleak outlook for the coming months. |
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General information
| Author | Erste Group Research |
| Date | 2023/10/20 |
| Language |  |
| Product name | Week ahead |
| Topic in focus | Macro/ Fixed income |
| Economy in focus | Eurozone, United States |
| Currency in focus | Euro, US Dollar |
| Sector in focus | - |
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