Nordea on today's German court ruling: "This....>

ECB: Nordea on today's German court ruling: "This means more near-term pressure

for Italian bonds and EUR assets in general."

- "The most likely outcome remains that the ECB will provide an assessment that

will allow the purchases to continue. However, today's decisions further limit

the ECB's room to manoeuvre, and if the GCC took such a sceptical stance on the

PSPP, the PEPP, which relaxed many of the safeguards listed above, would

probably meet an even harsher verdict in German courts."

- "Nevertheless, court cases regarding the PEPP will be an issue for another

day, and given how long such cases need to proceed, hopefully the pandemic will

be long gone at a time when the GCC eventually rules on the PEPP."