Today’s main event is the ECB meeting. We expect no new announcements from the ECB but believe focus will be on hints about a potential extension of QE purchases, which we expect to be announced at the December meeting. In our view, President Mario Draghi is very likely to be asked questions about the latest debate on QE tapering but we expect him to repeat that the ECB’s focus is on full implementation of QE purchases.

Any comments about the committee’s work on changing the ECB’s self-imposed QE restrictions will also be followed closely but we do not expect any announcement before a decision on whether or not to extend QE purchases beyond March next year. For more details see ECB preview: too early to discuss tapering.

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