Goldman Sachs the ECB easing in March will increase market volatility-diqua

Goldman Sachs: the ECB easing will increase market volatility in March U.S. stock market center: exclusive national industry sector stocks, premarket after hours, ETF, real-time quotes figure warrants the European Central Bank President Delagi Sina stocks news Beijing time 23 days morning news, the European Central Bank will convene the meeting in March 10th, the market generally expected that the ECB will further monetary easing. Goldman Sachs believes that the ECB easing may backfire, resulting in tightening the financial environment, thereby increasing market volatility. Goldman Sachs expects the European Central Bank to cut interest rates by 10 basis points (to -40 basis points) at the March meeting, and extend quantitative easing (QE) to September 2017. But it warned that the easing could produce two negative effects, one is that investors now negative interest rates on bank is harmful, two is the extension of QE will lead the market for German government bonds to buy the insufficient number of concerns, to doubt the ECB’s current policy stance in the long term difficult to continue. Recently, the Bank of Japan unexpectedly implemented negative interest rates and the Federal Reserve conducted negative pressure tests on banks’ negative interest rates, causing global bank shares to crash. Negative interest rates cause savings and loan spreads to narrow, thereby undermining the banking industry. Morgan Stanley (Morgan) points out that negative interest rates will force banks to shrink their business and reduce the erosion of cross-border lending on bank profits around 5-10%. Goldman Sachs expects the ECB to adjust its QE standards at the March meeting on the European Central Bank’s difficulties. Last December 3rd, the European Central Bank President Delagi once said in a news conference "will be re evaluated in the spring (asset purchase) project technology index". In addition to the European Central Bank, the central bank and the Federal Reserve will also discuss interest rates in March. The market generally expects the Fed will not raise interest rates in March, but the market will focus mainly on the Fed’s stance on subsequent monetary policy. Whether the Bank of Japan in March will be further relaxed, there are differences in Wall Street, but economists agree that the Bank of Japan in the last few months will again relax monetary policy. (Tony compiler) Chengwei Section Editor: SF132

高盛:欧央行3月宽松将加大市场波动 美股行情中心:独家提供全美股行业板块、盘前盘后、ETF、权证实时行情 图 欧洲央行行长德拉吉   新浪美股讯 北京时间23日上午消息,欧洲央行将在3月10日召开议息会议,市场普遍预计欧央行将进一步实施货币宽松。高盛(Goldman Sachs)认为,欧央行宽松可能适得其反,造成金融环境收紧,从而加大市场波动。   高盛预计欧洲央行将在3月会议上降息10个基点(至-40基点),并将量化宽松(QE)延长至2017年9月。   不过高盛警告称,这一宽松政策可能产生两个负面效应,一是投资者现在认为负利率对银行是有害的,二是延长QE会引发市场对可供购买的德国国债数量不足的担忧,从而怀疑欧洲央行当前政策立场从长期来看难以为继。   最近,日本央行意外实施负利率以及联储对银行就负利率进行压力测试引发全球银行股大跌。负利率造成存贷利差收窄,从而损害银行业。摩根士丹利(Morgan Stanley)指出,负利率会迫使银行收缩业务、减少跨境放贷对银行利润的侵蚀在5-10%左右。   对于欧洲央行所面临的困境,高盛预计欧洲央行将会在3月会议上调整QE的各项标准。去年12月3日,欧洲央行行长德拉吉曾经在新闻发布会上表示“将在春季重新评估(资产购买)项目的技术指标”。   除了欧洲央行,日本央行和美联储也将在3月份议息。市场普遍预计美联储不会在3月份加息,不过市场将主要关注联储对后续货币政策的立场。对于日本央行3月份是否会进一步宽松,华尔街存在分歧,不过经济学家一致认为日本央行最近几个月内必然会再次放松货币政策。(Tony 编译) 责任编辑:段呈伟 SF132相关的主题文章: