Gas will trickle, Draghi will go, ECB will hike
Thursday 21st July 2022There\u2019s some confidence in the markets this morning, despite what seems to be a compendium of bad news for Europe. NAB\u2019s Gavin Friend says gas prices have fallen because Vladimir Putin has indicated that they will meet the reopening deadline for the Nordstream pipeline, but it\u2019ll be at only 20 percent of its capacity. As discussed on today\u2019s podcast, that might be enough to meet short term demand, but won\u2019t allow Europe to build up stocks for winter. The ECB meets today and will outline plans for its anti-fragmentation tool. If markets aren\u2019t impressed, it could bolster Italian bond yields, which have already pushed higher on growing uncertainty over Draghi\u2019s tenure in the Italian parliament. We also look at what Philip Lowe said yesterday, ahead of August\u2019s RBA meeting.
Hosted on Acast. See acast.com/privacy for more information.