Analyst Pin-board The ECB finally acted
- A European rate hike has been expected for months.
- The current rally in European stock prices is most likely over. Same for the S&P 500.
The Euro did not reacted much to the ECB rate hike decision with the EUR/USD staying at around 1.02. This seems strange.
Germany’s DAX index has rebounded (Figure 1) led by large cap stocks like Volkswagen (Figure 2) or Lufthansa (Figure 3). However we think this is mostly due to short covering and hence not sustainable.
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