NORGES BANK: Steady Credit Demand Expected In Q1
Jan-15 09:02
Norges Bank Q4 Bank Lending Survey here
"Household and corporate credit demand was broadly unchanged in 2025 Q4. Banks expect approximately unchanged household and corporate demand in 2026 Q1. As in Q3, banks report slightly stronger competition in both segments and slightly tighter household and corporate lending spreads. For the corporate segment, banks expect a corresponding strengthening of competition and for lending spreads to tighten slightly further in 2026 Q1"
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MNI: ITALY NOV FINAL HICP 1.1% Y/Y (1.1% FLASH, 1.3% OCT)
Dec-16 09:01
- MNI: ITALY NOV FINAL HICP 1.1% Y/Y (1.1% FLASH, 1.3% OCT)
- ITALY NOV FINAL HICP -0.2% M/M (-0.2% FLASH, -0.2% OCT)
MNI: EUROZONE DEC FLASH MANUF PMI 49.2 (49.9 FCAST, 49.6 NOV)
Dec-16 09:00
- MNI: EUROZONE DEC FLASH MANUF PMI 49.2 (49.9 FCAST, 49.6 NOV)
- EUROZONE DEC FLASH SERV PMI 52.6 (53.3 FCAST, 53.6 NOV)
STIR: Slightly Soft December Flash PMIs Remove A Basis Point Of Hike Pricing
Dec-16 08:50
The weaker-than-expected German and French flash December PMIs remove about a basis point of implied ECB rate hikes through the end of next year. ECB-dated OIS now price ~4.5bps of easing through December 2026.
- There’s not enough in the reports to meaningfully change the recent narrative around improving growth momentum. However, sluggish new orders and subdued services confidence highlight that there are still risks to growth in both directions – we expect President Lagarde to stress this at Thursday’s press conference (even if she concedes that overall risks are now roughly balanced).
- With implied hike pricing paring back a little further, the bar to a material market reaction on Thursday inches higher. Focus remains on the ECB’s updated macroeconomic projections and the characterisation of risks.
- Euribor futures are now flat to +1.0 ticks through the blues, with light upside concentrated in the whites/reds.
