The impact of the Italian constitutional referendum is unlikely to have any effect on the European Central Bank policy, says Martin Lueck, head of capital market strategy for Germany, Austria and Eastern Europe at BlackRock, cited by Dow Jones. This because the ECB Governing Council may have already taken a decision about further stimulus measures before the referendum, in knowledge of its staff forecasts, he says. Adds that most likely outcome is for the ECB to extend its asset-purchase program to end-September 2017 amid unchanged monthly buying of EUR80 billion.