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Language Notification

Please be advised that future verbal and written communications from the bank may be in English only. These communications may include, but are not limited to, account agreements, statements and disclosures, changes in terms or fees; or any servicing of your account.

Por favor, tenga en cuenta que es posible que las comunicaciones futuras del banco, ya sean verbales o escritas, sean únicamente en inglés. Estas comunicaciones podrían incluir, entre otras, contratos de cuentas, estados de cuenta y divulgaciones, así como cambios en términos o cargos o cualquier tipo de servicio para su cuenta.

Informamos que as futuras comunicações do banco, verbais e escritas, podem estar disponíveis apenas em inglês. Essas comunicações podem incluir, entre outras, acordos de conta, extratos de conta e divulgações, alterações aos termos ou tarifas, ou qualquer tipo de serviço pertinente à sua conta.

仅此通知,本行即日起发出的口头及书面通信可能将只提供英文版本。这些通信可能包括但不限于账户协议,账单和通知,条款或费用变更;或任何为您账户提供的服务。

Please be advised that future verbal and written communications from the bank may be in English only. These communications may include, but are not limited to, account agreements, statements and disclosures, changes in terms or fees; or any servicing of your account.

Por favor, tenga en cuenta que es posible que las comunicaciones futuras del banco, ya sean verbales o escritas, sean únicamente en inglés. Estas comunicaciones podrían incluir, entre otras, contratos de cuentas, estados de cuenta y divulgaciones, así como cambios en términos o cargos o cualquier tipo de servicio para su cuenta.

Informamos que as futuras comunicações do banco, verbais e escritas, podem estar disponíveis apenas em inglês. Essas comunicações podem incluir, entre outras, acordos de conta, extratos de conta e divulgações, alterações aos termos ou tarifas, ou qualquer tipo de serviço pertinente à sua conta.

仅此通知,本行即日起发出的口头及书面通信可能将只提供英文版本。这些通信可能包括但不限于账户协议,账单和通知,条款或费用变更;或任何为您账户提供的服务。

EU-Recovery-Fund

Perspectives

EU 27 Recovery Fund agreement reinforces more bullish outlook

Jeffrey Sacks

By Jeffrey Sacks

Head - EMEA Investment Strategy

July 23, 2020Posted InFixed Income, Investment Strategy and Equities

The investment outlook for Europe is improving, driven by four factors:

Firstly, domestic policymaking is now tackling the pandemic in a more aggressive and targeted manner, particularly in the European locomotives Germany and France. The cost of the increasing domestic fiscal accommodation is being supported by the ECB with continued low rates and its expanded asset purchase program, keeping bond yields low.

Secondly, the potential European breakup risks driven by the periphery are receding, driven by two factors:

  1. The EU27 Recovery Fund has been agreed. In addition to the substantial size of Euro 750 billion, it demonstrates EU solidarity with Euro 390 billion grants being committed to the periphery.
  2. The German Constitutional Court’s threat to the primacy of the European Court of Justice has receded. The result is ongoing ECB bond-buying, including exceeding their capital-keys in the periphery countries.

Thirdly, Covid-19 is under better control. There are many tough months ahead before a vaccine, with regional surges likely, nevertheless we are not expecting another period of prolonged blanket lockdowns.

Finally, the economic data is improving from the second quarter lows. While the pace of the pickup is likely to ease, and while we do not expect output levels to reach end-2019 levels for at least two years, the trend of gradual improvement seems well underpinned. Our GDP forecast for 2021 has doubled to +3%.

 

Read Europe Strategy Bulletin.