A look at the day ahead in European and global markets from Wayne Cole
Crucially, the collateral will be valued at par, with no haircut, meaning banks can use bonds that are trading below book value without having to realise any losses.
It was enough to spark a rally in U.S. stock futures, but banking stocks were still under pressure across Asia with Japan's bank index down almost 5%. Fed fund futures duly extended an early surge to completely price out the chance of 50 basis points, when this time last week it was priced at 72%. The ECB is still expected to go 50 basis points this week, but it will have to at least acknowledge the risks to financial stability, which could make it a dovish hike.
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