• Thursday, July 11, 2019 - 10:17

    By Luke Heighton

    FRANKFURT (MNI) - The Governing Council of the European Central Bank (ECB) has appointed three new members to its supervisory board.

    Edouard Fernandez-Bollo, Kerstin af Jochnick and Elizabeth McCaul will each serve a five-year non-renewable term, and will be responsible for planning and carrying out the ECB's banking supervision.

    Fernandez-Bollo is currently Secretary General of the Autorite de controle prudentiel et de resolution, the French national competent authority.

  • Thursday, July 11, 2019 - 09:45

    By Luke Heighton

    FRANKFURT (MNI) - Household inflation expectations may be better predictors of future inflation outcomes than those of professional inflation forecasters, including those of financial markets, the European Central Bank's head of Market Operations said Thursday.

    There is "tentative evidence suggesting that household inflation expectations are better predictors of future inflation outcomes," Benoit Coeure said, as euro area consumers "become less likely to expect inflation outcomes that would be inconsistent with the ECB's definition of price stability."

    Here are the key points from the speech in Frankfurt:

    - Developments over the past year indicate that a growing gap has emerged between the inflation expectations of market participants on one side,

  • Thursday, July 11, 2019 - 05:30

    -BOE FPC: 2018 Stress Test Covers Worst Brexit Outcomes -FPC Leaves Countercyclical Buffer Unchanged At 1%

    By Irene Prihoda and Les Commons

    LONDON (MNI) - The Bank of England Financial Policy Committee still sees the UK financial system as resilient to, and prepared for, the wide range of future risks it could face, including a worst-case disorderly Brexit, according to the July Financial Stability report, published Thursday.

    Following are the main points from the Bank's FSR:

    --Although the perceived likelihood on a 'no-deal' Brexit has increased

    since the start of the year, but preparations made by UK financial institutions see them in a good position to navigate any issues.

    --The FPC still sees its 2018 bank stress test of major UK banks as

    sufficiently severe to co

  • Wednesday, July 10, 2019 - 13:10

    -Tenreyro: Unlikely To Back Rate Hike In Next Few Months If Brexit Deal Done

    LONDON (MNI) - Bank of England Monetary Policy Committee member Silvana Tenreyro said that in her view policy was most likely to be eased in the event of a disruptive Brexit but that this was not certain.

    Even if there were to be a Brexit deal then the external MPC member said she would probably not back tightening policy.

    In a speech at Birkbeck, University of London, Tenreyro said that Brexit uncertainty had increased and that markets were now factoring in a rate cut.

  • Wednesday, July 10, 2019 - 04:59

    By Les Commons and Laurie Laird

    LONDON (MNI) - The UK economy rebounded in May, with April's Brexit-related plunge in auto production reversing in May.

    The following are the key points from UK GDP data published Wednesday by the Office for National Statistics.

    - Motor vehicle output jumped by a record 24%, almost countering the record-high 24% plunge recorded in April. Manufacturing provided the biggest lift to economic activity in May, adding 0.14 precentage points to total GDP growth of 0.3%.

    - The May GDP outturn matched the MNI median forecast, but the rebound from a 0.4% plunge in April could keep the economy from contracting in Q2.