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Intesa Sanpaolo, Italy's largest bank with $1 trillion in assets, has acquired 11 Bitcoins through its digital assets trading desk, marking a significant step amid growing institutional interest in cryptocurrency. CEO Carlo Messina described the investment as a test for potential sophisticated clients, despite the bank's cautious stance in a regulatory environment wary of digital currencies. Meanwhile, the cryptocurrency market is buoyed by recent developments, including the launch of a Bitcoin ETF in the US and supportive political shifts, suggesting a potential shift in institutional adoption.
Euro zone inflation rose to 2.3% in November, surpassing the European Central Bank's 2% target, as reported by Eurostat. This marks an increase from 2% in October, driven by persistent services inflation, while core inflation remained steady at 2.7%. Markets anticipate a 25-basis-point interest rate cut from the ECB in December, although speculation for a larger cut has diminished amid slight improvements in growth and inflation.
US equity futures dipped as traders reacted to Donald Trump's cabinet appointments and anticipated key economic data, including inflation and GDP updates. The S&P 500 and Nasdaq 100 futures fell 0.1% and 0.3%, respectively, while Treasuries saw a decline in yields. Amidst a polarized global stock market, the dollar index dropped, and European stocks lagged significantly behind US gains.
Isabel Schnabel, a member of the European Central Bank's Executive Board, cautioned against aggressive interest rate cuts, stating that borrowing costs are already near a level that does not hinder economic growth. She emphasized the need for gradual monetary policy easing to avoid falling below the neutral threshold, warning that excessive cuts could deplete valuable policy space.
Isabel Schnabel, a member of the European Central Bank's Executive Board, cautioned against the risks associated with large-scale bond-buying programs and forward guidance during periods of economic volatility. She emphasized the importance of prioritizing agility and flexibility in monetary policy, asserting that short-term interest rates should be the primary tool in most situations.
Isabel Schnabel, a member of the ECB's Executive Board, indicated that more banks in the euro zone are expected to seek funding from the European Central Bank as the supply of bonds diminishes. While current liquidity remains ample, this situation is anticipated to shift as quantitative tightening progresses steadily.
Isabel Schnabel, a member of the European Central Bank's Executive Board, cautioned against hastily lowering interest rates below the neutral level to boost the economy. She emphasized that while disinflation is progressing, the battle against inflation is not yet over, advocating for a gradual approach to easing policy restrictions.
Isabel Schnabel
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