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100bp ECB hike on the cards; recession looks certain

The account of September’s ECB meeting and the latest economic data make a 100bp rate hike by the ECB this month, which would bring the deposit rate to 1.75%, look increasingly likely. Next week, August’s industrial production data are likely to show a month-on-month rise in output, but the outlook is bleak and a euro-zone recession is a matter of “when” not “if”.

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