Following the ECB's decision to hold interest rates, President Christine Lagarde will hold a press conference. Despite leaving rates unchanged, the ECB has lowered its 2024 growth forecast to 0.6% (from 0.8%) and reduced its inflation projection to 2.3% (from 2.7%).
Chinese authorities will not intervene to rescue debt-ridden real estate companies; instead, they will allow bankruptcy or restructuring according to market principles. This move aims to curb reliance on the real estate sector, which has been contributing heavily to the economy. The government prioritizes promoting affordable housing and ensuring long-term stability in the industry while penalizing developers who breach public interests.
