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Investment Event

ECB delivers a dovish hike
27 July 2023
    Articles
    Download the full reportPDF, 807.6KB

    Key takeaways

    • The ECB increased the deposit rate by 25bps to 3.75 per cent at its July meeting
    • The Governing Council struck a more dovish tone, noting that interest rates were increasingly dampening demand
    • We remain underweight European risk assets with a likely policy-induced recession on the horizon
    • High-quality fixed income is the natural asset class in this environment, but we remain cautious on European government bonds amid sticky services inflation

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