Daily News | Stress Test

This Friday, the European Central Bank will be releasing stress test results. They’re of vital importance because they will decide in what ways and measures the ECB will be dealing with Italian banks’ debt. As we wrote previously, the debt is estimated to be around 360 billion euros. Right now, the European commission and Italian banks disagree upon state support, so the stress test results should shed a new light and hopefully lead to an agreement. After the European Central Bank meeting last week, the ECB president Mario Draghi has left open a possibility to set up a public backstop in hopes of helping Italian banks sell down some of their bad loans. Since Brexit, everyone’s been on edge, but thanks to forecasts being slightly better than expected, the ECB can afford to stay put until September, when the next staff economic projections (SEPs) are due.

Meanwhile in Japan, Norio Miyagawa, senior economist at Mizuho Securities claims exports have shown that they’ve stopped deteriorating. Also, the financial injection of up to 20 trillion yen is said to be useful only regarding domestic demand and the lack of other reforms might be crucial for Japanese economy. Exports in June have fallen 7.4 percent, while still a low – going on for nine months – is somewhat higher than the forecasted 11.6 percent. However, compared to the same period last year, Japanese exports are 2.9 percent higher. This year, yenhas risen around 13 percent versus the dollar, and some economists fear the lowering of import prices. Japanese government continues to stand by their economic assessment but admits business sentiment is worsening. Bank of Japan is holding a meeting that ends on 29th of July, and are expected to ease monetary policy.

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Author: Max Rothstein

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