Central banks dash hopes

Two central bank meetings in one week. Investors were waiting for action from the US Federal Reserve and the European Central Bank.

The ECB’s president had promised it would do whatever it took to preserve the euro. Mario Draghi said: “Believe me, it will be enough.” Enough for whom? – for the eurozone economy, the markets or for Mario Draghi? We put that question to Craig Melling, investment manager with Redmayne-Bentley.

Also in the programme: UBS’s profit declined in the second quarter. Like many of its rivals, the Swiss bank faces problems from the eurozone crisis. But not only that – UBS’s investment unit was also hit by problems with the Facebook IPO on the NASDAQ.

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