HSBC expects the ECB to deliver a 25bps hike in December 2026

A December 2026 date is a long-horizon projection, and calls pitched that far out have historically functioned more as statements of a house view on the terminal path than as tradeable signals; they are routinely revised as data accumulate, and the revision pattern usually matters more than the initial print. The distinction worth drawing is between a call for one final hike at the end of a tightening sequence and a call for the start of a new cycle: the former speaks to terminal-rate pricing at the back of the front end, the latter to the whole shape of the path. What typically moves rates pricing is not the bank's view but the ECB's own reaction function, so the tells are whether Governing Council commentary, staff projections, and the inflation and wage prints begin to validate or contradict the house case. As an analyst view rather than official guidance, the signal is directional and low-conviction at this horizon.