AXA chief economist expects the ECB to cut deposit rates by 25 basis points

According to Jinshi, Gilles Moec, chief economist of AXA Group, said that the European Central Bank will cut its deposit rate by 25 basis points at its meeting on Thursday, but is unlikely to provide more guidance.

“We are not convinced we will get much clear direction from the ECB” after a second 25 basis point rate cut on Thursday, he said in a note.

He said that while there was no doubt about the rate cut itself, markets were expected to focus on even the slightest clues of forward guidance in ECB President Laga's press conference speech.