Live Updates > Live Update Details
2026-02-26 17:22:06
[Corporate Credit Slows, Eurozone M3 Surprisingly Surges in January, Central Banks Face Dilemma] ⑴ Eurozone M3 money supply grew by 3.3% year-on-year in January, significantly higher than the 2.9% forecast in institutional surveys. Meanwhile, adjusted household loan growth remained at 3.0%, unchanged from the initial figure in December. ⑵ However, corporate credit demand showed signs of weakness. Adjusted non-financial corporate loans grew by 2.8% year-on-year in January, not only lower than the initial figure of 3.0% in December, but also marking the slowest growth since June 2025. ⑶ From a trading psychology perspective, stable household credit coupled with corporate contraction reveals differences in the sensitivity of different sectors to the interest rate environment. The current market focus is on whether the strong M3 data indicates that inflation stickiness is exceeding expectations, thus limiting the central bank's room for further easing. ⑷ The divergence in credit structure, particularly the slowdown in corporate lending, which represents economic vitality, may exacerbate market concerns about the growth outlook. In the coming week, traders need to closely monitor whether the market can digest this contradictory signal of "ample funds but cooling real demand."
