Should the ECB Worry About Eurozone Contagion?

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July 4 (Bloomberg) -- Bill Hubard, chief economist at, previews today's ECB press conference and the chance for quantitative easing from the Bank of England. He speaks on Bloomberg Television's "The Pulse."

The simple fact, portugal cannot go into the omt because they will be not allowed to because of where yields are.

It is also a situation where he keeps reiterating, especially after the bernanke comments a month ago, we will do everything we can do try to stabilize the economy.

If nothing else, the euro has taken a battering the last three or four days.

What are you exactly expecting to hear from mario draghi at the news conference?

Basically the same reiteration.

I love the lush phrase -- it is going to be a damp squib today.

The key will be the questions with the press conference.

How serious is portugal, how serious is greece?

What about cyprus?

Even germany and france are starting to slow down a little bit.

We had the worst german export numbers in 20 years.

The key is going to be how -- will we see contagion in the eurozone?

The uk's basically getting better.

Does carney need to do anything?

If i were mr.

Carney today, again, tradition has shown no change in anything, no statement.

We would not expect a statement.

But it would be quite interesting, even if the mpc says no change.

My feeling would be, could we then start seeing a transformation of the new situation?

As you mentioned, qe, the composite of the three pmi's for june has been 55. all of the previous quantitative easing was when the pmi average was 53 or below.

So we are going to a 80% probability of no more quantitative easing, which is surprising.

This has happened in the last few days.

You can see, we had a massive move yesterday in sterling.

Tremendous short covering.

I had to look up damp squib.

It is one of the 10 most misquoted phrases in britain.

A squib is an explosive, but is wet so it does not go off.

If it is damp, you do not get anything.

Bill hubard.

We have got it all covered here.

Every angle.

This text has been automatically generated. It may not be 100% accurate.


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