BlackRock said it was 'reviewing' its overweight position on southern euro zone debt, citing the recent German court ruling which risked undermining the European Central Bank's independence and limiting the size of its bond-buying stimulus.
FILE PHOTO: A sign for BlackRock Inc hangs above their building in New York U.S., July 16, 2018. REUTERS/Lucas Jackson
- BlackRock said it was “reviewing” its overweight position on southern euro zone debt, citing the recent German court ruling which risked undermining the European Central Bank’s independence and limiting the size of its bond-buying stimulus. “This comes as the ECB’s actions to cushion the pandemic’s fallout already looked meek compared with the U.S. Federal Reserve’s,” the world’s biggest asset manager said in a note.On May 5, the German court gave the European Central Bank three months to justify its 2-trillion-euro bond purchase programme or have the Bundesbank pull out of the scheme.
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