(Bloomberg) -- Some of the biggest money managers in Europe say traders are wrong to bet the European Central Bank is done hiking interest rates. Most Read...
-- Some of the biggest money managers in Europe say traders are wrong to bet the European Central Bank is done hiking interest rates.As a net energy importer, the region is particularly exposed to rising prices if the crisis in the Middle East escalates, and markets are underestimating the possibility of additional tightening in response, according to Legal & General Investment Management, Vanguard Asset Management Ltd and Robeco Groep.
Fears of a wider conflagration since Hamas’s Oct. 7 attack on Israel have sent Brent crude up more than 10%. Disruptions to key shipping routes like the Panama Canal and extreme weather playing havoc with the supply of food staples are adding to the factors that could keep European inflation prints hot.The ECB’s single mandate of price stability also makes Europe’s policy makers more likely to hike in the face of rising energy costs.
ECB Governing Council member Gabriel Makhlouf said earlier this month Italy’s bond-yield spread over peers is “absolutely something” officials “will be very focused on.” The gap between Italy and Germany’s 10-year bond yields recently breached 200 basis points, a widely watched level. The House Republican conference voted 112-86 to ditch Jim Jordan as the party's speaker nominee after Jordan lost his third vote on the House floor.Discover a world of exciting games, from heart-pumping action to brain-teasing puzzles. Get the latest versions of the top games in 2023.
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