Business World

Sunday 23 July 2017

Week 26: Central bankers chew the fat at Portugal meeting

European Central Bank President Mario Draghi arrives at the ECB Forum in Sintra, Portugal. Photo: REUTERS
European Central Bank President Mario Draghi arrives at the ECB Forum in Sintra, Portugal. Photo: REUTERS
John Mulligan

John Mulligan

One of the highlights of this week's economic social diary is the gathering in Portugal of central bank mandarins from around the world.

The European Central Bank's aptly named Forum on Central Banking will include a panel discussion on Wednesday that will involve the heads of European, British, Japanese and Canadian central banks.

There will be lots of musing about interest rates and bond-buying that will be keenly listened to by investors.

Figures due out today from Germany's Ifo economic institute are expected to reveal a slight decline in business morale there this month compared to May's record high.

According to Reuters, that may strengthen the resolve of those opposed to yet more money-printing by the central bank.

"Our base case is that in September the ECB will announce a reduction of monthly purchases, starting in January 2018," Credit Suisse analysts said in a note last week to investors.

Other data coming this week includes new home sales numbers today from the United States, and pending home sales figures on Wednesday.

On Thursday, numbers for consumer confidence in the Eurozone are released, as well as industrial confidence and services sentiment gauges.

The UK will reveal consumer credit numbers for May on Thursday, and also mortgage approvals for May. The UK's GDP performance will be revealed on Friday.

The Central Bank of Ireland releases money and banking statistics on Friday too.

It's relatively quiet on the corporate front, but AIB will have its first full week as a listed company. Its shares were trading at about €4.65 late on Friday afternoon, compared to their €4.40 debut price.

Today and tomorrow, Anna Aero hosts aviation executives from across the world in Dublin at a 'Future Travel' event that focuses on ancillary digital revenue generation.

Ryanair chief executive Michael O'Leary will give the keynote address at the event.

Others speaking at the event include Aer Lingus chief executive Stephen Kavanagh.

Irish Independent

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