UBS euro-area and U.K. economist Dean Turner said the ECB's decision to hold
rates, in line with market expectations, should be viewed as a 'hawkish pause'
rather than the end of the tightening cycle. Turner flagged rising energy prices
as an upside inf risk and said the euro-area economy has shown unusual
resilience; he added France's fiscal strains may be raised at the press
conference but the ECB will focus on preventing energy-driven inf from becoming
persistent. UBS expects the ECB to raise rates by 25bps in December.
