Thursday's trading session on European markets brings better investor sentiment. The DE30 is trading above the 14,500 point barrier and is being pulled by real estate companies. This morning we learned the German Ifo institute's readings, which came in better than expected.
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ECB meeting minutes:
The minutes of the latest ECB meeting did not cause much movement in the markets.
Key findings:
The ECB now had to show equal determination when inflation was above target, countering far too high inflation and preventing it from becoming entrenched, regardless of the worsening outlook. These events raised the prospect of inflation becoming entrenched.
The view that the outlook for inflation continued to deteriorate was widely shared.
The decline in economic activity would not be enough to significantly reduce inflation.
Wage growth was accelerating, but could still be considered moderate.
The 75-basis point hike was supported by the vast majority.
The swap market is now pricing in a near 30% chance of a 75bp rate hike at the ECB's December meeting. Source: Bloomberg
DE30 index chart, D1 interval. Benchmark German blue chips are trading higher during today's session. Source: xStation 5
Thursday's German session brings higher valuations for most economic sectors. Source: Bloomberg
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Yesterday's dovish Fed minutes support today's trading of real estate companies, the best performing sector of the economy. Vonovia (VNA.DE) shares are gaining nearly 5%.
The largest percentage changes of companies included in the DAX index. Source: Bloomberg
The most active stocks in the DAX index (DE30). Source: Bloomberg
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