Latest takes on ECB tomorrow...............>

ECB VIEW: Latest takes on ECB tomorrow post-today's weak flash EZ PMI data:

- ING: If the ECB has yet to decide whether it is already tomorrow or September

when it will act, this PMI has given the doves on the GC even more ammo.

- Berenberg: The PMIs raise the chance that the ECB does more than just vowing

to keep rates at "present or lower" rather than just "present" levels. The ECB

has historically cut rates in response to similarly low PMI comp. readings.

- Nordea: We do not think today's data were bad enough to convince the ECB to

hurry with new stimulus measures and expect the actual easing package to be

revealed only in September. However, Draghi will probably give clear signals

already tomorrow that the monetary policy stance will be reviewed in September.

- Unicredit: PMIs strengthen case for further accommodation, but prob not weak

enough to force the ECB to cut rates tomorrow. Fwd guidance needs to be adjusted

first; likely to wait for new projections; lending data showed stabilisation.

- Morgan Stanley: The large downside surprises support the case for extra policy

easing. We expect the ECB to act as early as tomorrow. 10bp rate cut a likely

first step, if not this week then in Sep., along with more dovish fwd guidance.