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Deutsche Bank analysts suggest that the market highlight today comes from the ECB, in what will be President Mario Draghi’s last Governing Council meeting before Christine Lagarde takes over on 1 November.

Key Quotes

“His final choice of tie colour will be of great interest to all. Maybe it will be a novelty bow-tie.  Over his 8 years in charge, the Euro Area has emerged from its sovereign debt crisis and seen unemployment fall to 7.4%, its lowest since May 2008. However, inflation has proved stubbornly difficult to return to target (averaging 1.19% over the period), standing at just +0.8% in September, while five-year forward five-year inflation swaps stand at just 1.202%,  so not exactly a vote of confidence from the markets that they expect the ECB to get inflation back up again anytime soon.”

“Although Draghi’s term has another week to go we thought we’d mark his last press conference with a look at the performance of our usual sweep of key global assets under his 8 year tenure.”