Eurozone pick-up in credit cycle likely continued in February
Euro-area credit growth will continue to gain traction, forecasts Standard Chartered Research. M3 money supply likely expanded by 4.2% y/y in February, up from 4.1% prior. Euro-area corporations are still deleveraging; h…
Euro-area credit growth will continue to gain traction, forecasts Standard Chartered Research.
M3 money supply likely expanded by 4.2% y/y in February, up from 4.1% prior.
Euro-area corporations are still deleveraging; however, the pace is slowing.
Euro-area loans to non-financial corporations likely declined by 0.7% y/y versus a 0.9% decline prior.
The strong third allotment of the Targeted Long Term Refinancing Operation (TLTRO) showed that euro-area banks expect loan demand to pick up.
This is supported by the European Central Bank's most recent banking survey which showed rising demand for loans and less tight lending criteria.
We believe demand for credit will continue to rise as investors see stronger growth ahead, supported by lower oil prices, accommodative monetary policy and a weak euro.
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