„EZB-Chef Mario Draghi hat die Beobachter nicht enttäuscht. Das Maßnahmenpaket samt der neuen Einschnitte bei den Leitzinsen dürfte sich unterstützend auf risikotragende Anlageklassen auswirken“, so Léon Cornelissen, Chefvolkswirt beim Investmentmanager Robeco.
06.06.2014 | 10:33 Uhr
“The rate changes did not come as a surprise to the market, but the extent of the measures did,” he adds. “All possible measures that were predicted by the market before the ECB are to be used. Moreover, the terms of these measures were very accommodative,“ says Olaf Penninga, portfolio manager of the Robeco Euro Government Bonds fund.
Penninga: “The outcome of the ECB meeting is favorable. Robeco Euro Government Bonds fund is overweight in the European periphery.“
‘Robeco Euro Government Bonds fund is overweight in the European periphery’
“And we predicted a weakening of the euro. The global bond fund Rorento shorted the euro ahead of the meeting. The end of the loose ECB policy is not in sight.“
Refinancing rate cut by 0.10%, deposit facility rate below zero
ECB Governing Council cut the benchmark main refinancing rate to 0.15% from 0.25%, and the deposit rate to -0.1% from 0%, effectively charging banks to park excess reserves at the ECB. These cuts were in line with the market expectations.
“The impact of the announced measures on economic growth will be very limited in the medium term and won’t be a game changer for the disinflationary trend in the Eurozone,” says Cornelissen.
“That doesn’t bother us, as we are in a recovery phase. We will see the strongest second quarter growth in the Eurozone for three years. Mild deflation could still occur later this year, but who cares in a recovery? Structural deflation is now unlikely, as the world economy is strengthening.”
‘Structural deflation now unlikely’
ECB policymakers hope that the rate cuts will stimulate lending from banks in the Eurozone’s core to those in the periphery. Small and medium-sized enterprises are another group which welcomes the cuts in interest rates. They have difficulty in gaining access to new credit.
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