MNI BRIEF: China Visitor Mobile Payments Surge in H1

MNI China Daily Summary: Friday, July 26

MNI BRIEF: Foreign Firms Content In China

MNI BRIEF: Turkish Inflation Expectations Steady- TEBA

MNI China Press Digest July 26: Deposit Rates, Fiscal, PBOC

MNI: PBOC Net Injects CNY299.05 Bln via OMO Fri

MNI: BAKER HUGHES US RIG COUNT 589; OIL RIGS 482; GAS RIGS 101

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL JUL INDEX 66.4

EZ/UK Bond Supply Calendar: BoE Short APF Operation on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Modest Net Asset Fluctuations Continue Ahead Of March QT

ECB

ECB net asset purchases continue to fluctuate, rising to E5.1bln last week, vs negative E6.9bln the week prior. That said, the Eurosystem temporarily paused APP and PEPP reinvestment over the holidays, with the last operation on Dec 20, resuming Jan 2, somewhat distorting recent figures.

  • PEPP holdings were up a net E2.3bln (vs -E3.7bln prior), with PSPP likewise reversing higher (E2.4bln vs -E2.5bln prior). There were limited redemptions last week, with no changes to CSPP and ABS holdings.
  • Net assets have unsurprisingly been steady (at between E4.9-5.0trn) since the end of net APP purchases in July. More movement will have to wait until the ECB initiates the decline of the APP portfolio in March by not reinvesting all maturing principal, at a pace of E15bln per month on average until Q2 2023 with "its subsequent pace ... determined over time."
  • The ECB will reinvest the E1.7trn in PEPP securities "until at least the end of 2024", and will "continue applying flexibility in reinvesting redemptions coming due in the PEPP portfolio".


ECB Net Asset Purchases W/EPSPP Cov BdCSPPABSPEPPTOTAL
11-Nov-222.30.30.10.00.33.1
18-Nov-221.00.30.3-0.13.24.7
25-Nov-22-2.1-0.50.10.2-3.2-5.5
2-Dec-221.5-0.8-0.2-0.11.72.0
9-Dec-224.1-0.1-0.20.02.26.0
16-Dec-22-5.5-0.2-0.2-0.1-5.5-11.5
23-Dec-221.30.2-0.1-0.62.43.3
30-Dec-22-2.5-0.2-0.3-0.2-3.7-6.9
6-Jan-232.40.40.00.02.35.1
Fixed Income BulletsHomepageBulletMarketsEmerging Market NewsForeign Exchange BulletsEuropean Central Bank (ECB) Market News

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.