Den franske bank BNP Paribas betragter resultatet af EU-topmødet som en god aftale. Den vil ikke blot gavne de coronaramte lande. Den vil også styrke euroen over for dollaren, og den vil mindske rente-forskellene i EU. Den kan måske også styrke aktiekurserne på europæiske aktier i forhold til de amerikanske.
EU recovery fund: A good deal
- We think the deal reached by EU leaders on the recovery fund is a good one.
- The grants component is in line with our expectations and of a macroeconomically relevant size, while conditionality and governance do not appear too onerous.
- We think the outcome will, over time, support a trend of EURUSD appreciation and tighter credit spreads. It may also help eurozone equities begin to reverse YTD underperformance vs the US.
- We do not expect a large initial market reaction.