European Central Bank rate hike bets pushed back to late-2020, money markets show

European Central Bank rate hike bets pushed back to late-2020, money markets show”

The next hurdle for investors will be USA payrolls data for February, with analysts uncertain how much payback there might be for January's outsized jump.

The data knocked Chinese stocks off the 20-month highs hit earlier in the week, with mainland equity indexes plunging more than 4 percent in their worst day in five months.

The European Central Bank's new bank funding scheme will come later than expected because of the time needed to prepare the facility, Austrian central bank chief Ewald Nowotny said on Friday. Citic Securities Co. advised clients to sell the shares, saying they are "significantly overvalued" and could decline more than 50 percent over the next year. Global equities were lower after the European Central Bank stoked economic growth concerns.

The euro struggled near a 21-month low against the U.S. dollar today, hurt by a series of dovish signals from the European Central Bank, with the currency market bracing for further volatility ahead of USA jobs data later in the day.

In a comment published on Bloomberg, the chief economic adviser to the global insurance and financial giant Allianz, Mohamed El-Erian, said the European Central Bank move was as dramatic as the Fed's "flip-flopping" in January. The China trade data should provide some volatility for all three with sellers emerging on a low print.

This compares with estimates just last December of 1.7 percent for 2019 and 1.7 percent and 1.5 percent for the following two years. The S&P 500 was down 20.54 points, or 0.75 percent, to 2,728.39.

When equities post losses, the precious metal usually goes up, as investors are looking for a safe haven. West Texas oil futures fell below US$55 a barrel, as the weakening outlook for the global economy and rising crude stockpiles signaled markets will remain comfortably supplied.

Asia is unlikely to escape Europe's hangover either following a dismal day on North Asian stock markets yesterday.

The Bloomberg Dollar Spot Index decreased 0.3 percent, the first retreat in more than a week. The EUR dipped below 1.1200 with the pound (GBP) falling 0.7% to 1.3085. It has declined 1.5 per cent so far this week.

The Japanese yen advanced 0.4 percent to 111.12 per dollar. USA investors piled into sovereign debt while in Europe, the yield on the 10-year German bund fell by half from 13 basis points to about 6.5 basis points. The yield on the 10-year U.S. Treasury fell 4 basis points.

Gold climbed 1.2 percent to $1,300.48 an ounce.

In Italy output per hour fell 0.3 percent in the last quarter, its third consecutive fall.

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