PREVIEW: Most analysts expect no significant....>

ECB: PREVIEW: Most analysts expect no significant new policy signals at this

meeting.

- While there is a possibility of more clarity on reinvestment policy, most see

December as the likely date for the ECB to update the market.

- Net asset purchases will end in December.

- Analysts are slightly more downbeat on the economic outlook and believe that

the ECB is only likely to update its assessment of economic risks (currently

balanced) when new staff macroeconomic projections are made available in

December.

- Most do not expect operation twist, with portfolio duration to remain broadly

unchanged.

- The first depo rate hike will occur in mid-late 2019.

- In the Q&A ECB President Mario Draghi is likely to be asked about his previous

comments on inflation ('vigorous pickup') and on the Italian budget situation.

In the case of the latter, Draghi is likely to stick to script and avoid being

dragged into budget politics. For more, see https://tinyurl.com/ybcu8tgh