1105 GMT - The European Central Bank is likely to hold interest rates at this week's meeting after a hike in June but retain a hawkish tone, Nuveen's Laura Cooper says in a note. The ECB will keep its options open for further tightening should renewed tensions drive energy prices higher, the global investment strategist says. Inflation has been softer than feared and PMI pricing components show little sign of reacceleration, while producer price data confirms that upstream cost pressures are fading, she says. "That makes the case for a pause this month." The complication is renewed disruption to commodity flows, which risks reigniting energy price pressure just as the ECB was gaining confidence in the disinflation path, she says. (emese.bartha@wsj.com)

(END) Dow Jones Newswires

July 21, 2026 07:06 ET (11:06 GMT)

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