Market wrap: dovish ECB, waiting for December - Westpac

Analysts at Westpac offerd an economic wrap up.

Key Quotes:

"ECB maintained policy, as expected, the statement unchanged. Draghi said there was no discussion of tapering the bond purchase program, quelling speculation of such. Draghi used his opening statement at the post meeting press conference to state that the ECB “remain committed to preserving the very substantial degree of monetary accommodation” in order to see inflation move “towards levels below, but close to, 2% over the medium term.” We expect further discussion of these issues at the December meeting, where a fuller set of forecasts will be produced. For now, markets have been sent a dovish signal relative to earlier speculation.

US existing home sales rose by 3.2% (vs 0.4% expected), extending an erratic but net positive path since 2010. The median price fell 2.4% to $234,200.

Economic Event Risks Today

NZ migration in September probably remained strong, although the pace of growth is slowing slightly.

China property prices: momentum broadened across more cities in August, although speculative activity probably remained a key factor. We are still waiting for strong price growth to translate into real estate investment activity.

San Francisco Fed’s Williams will give a keynote speech at the Federal Home Loan Bank Conference."