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BOJ Hints at Rate Cut, SNB Ready to Intervene, BOE Warns About Brexit

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BOJ Hints at Rate Cut, SNB Ready to Intervene, BOE Warns About Brexit. The U.S. Federal Reserve (Fed) and the European Central Bank (ECB) deemed it necessary to cut rates in September, but other major central banks decided to keep policy on hold. Meanwhile, Swiss National Bank (SNB), Bank of England (BOE) and the Bank of Japan (BOJ) policymakers decided to sit on their hands and watch how their domestic economies unfold given the outside threat of a global economic slowdown. The SNB left its key policy rate and expansionary monetary policy unchanged, but said it “remains willing to intervene in the foreign exchange market as necessary.” The BOE held its policy rate unchanged at 0.75% with a unanimous vote.

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Friday, September 20


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BOE prepares the ground - ANZ

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BOE prepares the ground - ANZ By Dhwani Mehta | September 20, 2019 06:50 GMT. The Australia and New Zealand Banking Group (ANZ) analysts express their thoughts on the Bank of England (BOE) monetary policy decision announced on Thursday. “The BoE left interest rates unchanged, but noted that if Brexit uncertainty continued, this would likely dampen the domestically generated inflation pressures. Sterling was unmoved, but leapt later when EC President Juncker expressed optimism about a Brexit deal, saying he wasn’t wedded to the Irish backstop as long as its objectives were met.”.

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Thursday, September 19


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Banks don’t want Draghi free money as ECB loans fall flat

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An ECB offer for three-year loans – at a rate that starts at zero and could fall as low as the deposit rate, currently minus 0.5% – was taken up by 28 banks for a total of just €3.4bn ($3.8bn), well below predictions of €20bn-€100bn. The European Central Bank’s latest offer of free cash to lenders attracted little interest yesterday, in a sign of just how much liquidity is already sloshing around the financial system. The loans are part of a stimulus package by the ECB president to boost economic growth and inflation. But European lenders have little trouble accessing funds following years of loose monetary policy and some are even keen to turn away deposits to avoid charges from the ECB’s negative interest rates, which Draghi pushed even further below zero this month. Banks may have refrained because of changes the ECB made to the terms of the loans last week, according to Piet Christiansen, a senior analyst at Danske Bank, who expects a larger take-up in later operations.

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Bank rally leads European stocks higher

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European stocks rallied on Thursday as investors snapped up battered shares of eurozone banks after the U.S. Federal Reserve toned down expectations of further interest rate cuts. Shares of Italian and Spanish banks including Bankia SA , UBI Banca and Banco Sabadell were among the top gainers on the STOXX 600 after the Fed cut rates as expected on Wednesday, but signaled there would be a higher bar to further cut in borrowing costs. Mevissen also said the European Central Bank’s unveiling last week of a tiered rate system to mitigate the negative impact of sub-zero interest rates on banks was relief. Shares in major lenders Credit Suisse and UBS rose more than 1% as the central bank increased the threshold above which commercial banks who park their money with the central bank have to pay negative interest.

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FTSE rises as investors enjoy Bank of England’s dovish turn

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FTSE rises as investors enjoy Bank of England’s dovish turn. The FTSE 100 managed to recover most of the value lost in the first half of the week due to the drone attack on two oil facilities in Saudi Arabia. Closing up 42.37 points – a rise of 0.58% – to 7,356.42, traders appeared to broadly accept the Saudis’ claims that the Aramco sites will be back to full capacity by November, whilst welcoming the dovish sounds coming from the Bank of England. The London blue chip index followed its French and German counterparts in rising, with the Paris Cac up 0.68% and the Frankfurt Dax up 0.55%. And with investors hopeful that the Bank of England could cut rates if a no-deal Brexit damages the economy, the pound also rose slightly against the dollar, with a pound worth 1.2474.

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Britain: BOE, OECD warn on hard Brexit

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7h ago | 01:32. Britain: BOE, OECD warn on hard Brexit. The OECD says Britain will suffer a two per cent hit to growth if leaves the EU without a deal. And the Bank of England - leaving rates on hold on Thursday - warned of ''entrenched uncertainty''. David Pollard reports. The OECD says Britain will suffer a two per cent hit to growth if leaves the EU without a deal. And the Bank of England - leaving rates on hold on Thursday - warned of "entrenched uncertainty". David Pollard reports. Ryanair cuts jobs, offers O'Leary a $111mln bonus.

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MARKET WRAP: The BOE Left Powder Dry; Stocks Moved Higher

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MARKET WRAP: The BOE Left Powder Dry; Stocks Moved Higher. *The Bank of England didn’t move the needle on its monetary policy; the BOE expects lower CPI under no-deal Brexit *Global central banks renewed their pledge for dovish monetary policy and this pushed stocks higher *Dollar retraced from its high; gold back above 1500. The Dollar Spot Index dropped 0.24% and made a low of 98.24, still higher than yesterday’s low of 98.19. The British pound moved higher despite soft UK retail sales data: actual -0.2% previous 0.4% The currency gained 0.01% against the dollar.

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Bank of England a “hostage to uncertainty” as interest rates put on hold

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The Bank of England has kept interest rates on hold at 0.75 per cent – and warned that borrowing costs would stay lower for longer if Brexit uncertainty is prolonged. Members of the Bank’s nine-strong Monetary Policy Committee (MPC) voted unanimously to keep rates unchanged in its last meeting before the UK is due to leave the European Union on October 31. It said that growth was being hampered by Brexit uncertainty becoming more “entrenched”, adding that mounting political chaos and the growing prospect of a potential snap election will continue to pile the pressure on the economy. And while it vowed to keep inflation in check, the MPC said it will leave the door open to a cut if the Government is unable to resolve Brexit. The MPC reiterated previous warnings that a no-deal scenario will see growth slow, the pound soar and inflation rise, but added that rates could do in “either direction” as tries to balance rising inflation caused by the pound with falling growth.

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Euro zone weighed down by imported troubles - ECB's Lautenschlaeger

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Euro zone weighed down by imported troubles - ECB's Lautenschlaeger. FILE PHOTO: European Central Bank (ECB) executive board member Sabine Lautenschlaeger delivers her keynote speech during the annual regulatory conference of Austrian markets watchdog FMA in Vienna September 30, 2014. The conflict between the United States and its trading partners, especially China, together with uncertainty over Britain's mode of exit from the European Union, have weakened euro zone growth, Lautenschlaeger said. Overall growth among the 19-nation bloc is running about 1.1%-1.2% in 2019, she said. Some euro zone members including France and the Netherlands are on "very resilient" growth paths, while others such as Germany and Italy are weakening, especially in their manufacturing sectors which are related to trade and Brexit, she said.

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GLOBAL MARKETS-Shares inch higher after Fed cut; BOJ, SNB, BoE keep powder dry

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GLOBAL MARKETS-Shares inch higher after Fed cut; BOJ, SNB, BoE keep powder dry. LONDON, Sept 19 (Reuters) - World share markets and bond yields nudged modestly higher on Thursday as the U.S. Federal Reserve's second interest rate cut of the year and promises of support from other top central banks kept global recession jitters at bay. Two-year U.S. yields, which are the most sensitive to Fed policy, inched above 1.75%, while Italian debt lead rise in European yields after surprisingly little demand from banks for a new offering of interest-free European Central Bank funding. The Fed had cut interest rates to 1.75%-2.00% in a 7-3 vote but made a point of saying the U.S. labor market remains strong. So-called dot-plot forecasts from all 17 policymakers also showed disagreement, with seven expecting a third rate cut this year, five seeing the current rate cut as the last for 2019, and five who appeared to have been against even Wednesday's move.

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