European Central Bank cuts eurozone interest rates; UK at risk of debt spiral – business live
ECB has cut its deposit rate to 3.5%, and lowered its growth forecasts
European stock markets are rallying this morning, as traders anticipate an interest rate cut from the European Central Bank this afternoon.
Germany’s DAX index is up 1.1%, while France’s CAC 40 is 0.6% higher.
The market is firmly priced for a 25bp rate cut at next week’, We and the analyst consensus are expecting a 25bp rate cut and most ECB speakers have already endorsed such a move.
The recent slowdown in China has seen its oil consumption declining y-o-y for a fourth consecutive month in July, by 280 kb/d.