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BofAML: Todos esperamos a diciembre
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    <strong>Artículo publicado en <a href="http://www.lacartadelbolsa.com">La Carta de la Bolsa</a> el Viernes, 28 de Octubre en la sección: Al Día</strong>
    <h3 class="titulo_articulo">BofAML: Todos esperamos a diciembre</h3>
    Redacción
    <p><br />
<a href="http://rsch.baml.com/r?q=NT1ae1mlgou-6q1c9skI8g&e=presthaya.fixter%40baml.com&h=DLyoPg" target="_new">Europe Economic Weekly: We are all Decemberists</a><br />
•   In our view, Draghi was dovish enough to calm concerns over tapering. He balanced this with the notion that QE is not eternal<br />
•   We think Draghi was consistent with our call of six-month QE extension at the current pace of EUR80 per month in December.<br />
•   UK: winter is coming for consumers and they don't have a coat. 'The data' will weaken.</p>
    <p><strong>Weekly View: Periphery back in the spotlight</strong></p>

<p>Murmurs about Bank of England's independence continued also this week. Meanwhile, European periphery returned in the spotlight. EU countries submitted their 2017 budget plans to Brussels and the verdict is due in the next weeks.</p>

<p><strong>Euro area: ECB Review - Dovish enough</strong></p>

<p>In our view, Draghi was dovish enough to calm concerns over tapering. He balanced this with the notion that QE is not eternal. We think Draghi was consistent with our call of six-month QE extension at the current pace of EUR80 per month in December.</p>

<p><strong>UK: Winter is coming and consumers don't have a coat</strong></p>

<p>We look at the outlook with a sense of Déjà vu. We have seen before what effect rising imported inflation has on growth: consumption squeezed and exports benefitting little. It could be worse this time round, as consumers may not be able to cut saving rates much.</p>

<p><strong>Hot Topic: The other side of the credit market</strong></p>

<p>The latest Bank Lending Survey shows that the ECB's monetary policy measures are improving both borrowing and lending incentives. However, the credit recovery remains one-sided, as sluggish real economic growth dampens credit demand.</p>

<p><strong>Next Week:</strong></p>

<p>We expect Euro area composite PMI to inch slightly up, to 52.7 in October. M3 money supply growth should be unchanged, at 5.1% yoy, in September. As for the UK, we expect the preliminary reading for 3Q GDP growth to be at 0.4% qoq and 2.2% yoy.</p>
    https://lacartadelabolsa.com/index.php/263899
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