ECB Day: markets tumble as Draghi disappoints investors - as it happened

Graeme Wearden

from on 2015-12-03 17:23 (#WG98)

Shares slump as Mario Draghi dashes expectations that the European Central Bank would pump more new money into the eurozone economy each month

5.11pm GMT

And finally.... European stock markets have posted their biggest losses in over two months.

Shares fell sharply after Mario Draghi failed to deliver the major stimulus packages which had been expected.

All eyes were on the ECB and the expectation that Mario Draghi would unleash some weighty stimulus measures in another attempt to kick-start the Eurozone economy.

Although the deposit rate was cut, the market had been factoring in a drop of more than the delivered 10 basis points here, whilst the extension of the bond-buying programme had been fully priced in, too. The result has been a sweeping sell-off for stocks, both within the Eurozone and also in the UK.

Every metric of the ECB's easing was less than expected by markets.

The ECB cut the deposit rate by the minimum amount expected, extended the length of QE program by six months when the market was looking for 12 months and expanded the pool of assets available for purchase without increasing the size of monthly purchases.

4.38pm GMT

Jens Nordvig, analyst at Japanese bank Nomura, reckons the ECB's hawks refused to accept deeper stimulus measures today:

" the outcome today... may signal that President Mario Draghi faced pronounced opposition within the council" -- Nomura's Jens Nordvig

4.34pm GMT

Our economics editor, Larry Elliott, reckons the euro's rally will be short-lived:

The euro had been pushed lower and stock markets had been driven higher in expectation that the ECB would do something meaningful. When it didn't, the markets unwound the positions built in advance of Draghi's announcement.

The smart money will be on the euro's rise being temporary. After all, it is widely expected that the Federal Reserve will raise US interest rates for the first time since 2006 when it meets this month. But talk of a further big plunge in the euro look overdone. An increase in US borrowing costs is already in the price. And Draghi has shown all too vividly that the hints of central bankers - even the biggest hints - should be treated with some caution.

4.30pm GMT

The euro was on track for its biggest daily gain since mid-March on Thursday as a series of stimulus measures announced by the European Central Bank failed to live up to market expectations.

"The markets were very ambitious with respect to the measures the ECB would possibly take and are now disappointed."

4.17pm GMT

And here's today's euro/US dollar spike, from below $1.06 to over $1.08.

4.14pm GMT

Money continues to pour into the euro, sending the single currency to a one-month high against the US dollar.

The euro has gained almost two and a half cents, which is its biggest one-day move since March this year.

4.08pm GMT

Reto Foellmi, Professor of International Economics at the University of St Gallen in Switzertland, isn't impressed by the cut in bank deposit rates.

He argues it will not encourage banks to lend more:

"I doubt the success of lowering already negative interest rates in the Eurozone.

Negative interest rates typically increase the associated hedging costs for banks. Tighter bank regulation has reduced bank's risk appetite. Both effects work against higher lending rates for the private sector. So, this is not really a stimulus for the economy".

4.05pm GMT

Sorry, I'm a bit late with this, but Mario Draghi's statement is online here:

3.37pm GMT

The Greek finance minister Euclid Tsakalotos in an interview with the Guardian has rubbished the idea that Athens' left-wing government is all for unions staging general strikes - as a budget saving measure.

"I don't think that has passed anybody's mind, it certainly hasn't passed the minister of finance's mind".

"I am not unsympathetic to any social movement because I am a left-wing person and think their independence is absolutely critical to the character of social and economic life.

I don't think a left-wing government can actually function without social movements that pressurize it and act as a counter balance to other political forces."

3.29pm GMT

UK factory bosses should put Mario Draghi on their Christmas card list.

Sterling has dropped by two euro cents against the euro today, making UK exports more competitive.

This is good news for the UK manufacturing sector who have been struggling against a weak Euro that is damaging competitiveness.

3.25pm GMT

You could argue that the financial markets are the ones who messed up, not the European Central Bank.

As Stewart Robertson, senior economist at Aviva Investors points out, the ECB has taken several new steps to help the euro economy today. Investors just expected even more.

The only area it didn't really deliver on today was the amount of monthly purchases [via QE]. It has cut the deposit rate, expanded the range of instruments it can buy and extended the possible end date by six months from September 2016 to March 2017.

If it had said nothing (in October) and delivered this today, the market reaction would have been very different. And after all, the Euro is still much lower today than it was before Draghi's "pre-announcement" in October.

3.15pm GMT

My colleague Heather Stewart has written a new story on how Draghi disappointed the markets. Here's a flavour:

Mario Draghi, the president of the European Central Bank, has dashed investors' hopes of a significant expansion of its quantitative easing programme to boost the flagging eurozone economy.

The euro jumped on foreign exchanges during Draghi's press conference in Frankfurt, as he said the ECB had decided to cut the deposit rate on bank reserves, and extend QE by six months - but would not step up the pace of bond buying.

3.13pm GMT

Alberto Gallo, head of global macro credit research at RBS, has an unconventional take on today's events:

QE1 is first love. QE2 is like getting back with your ex girlfriend.

2.56pm GMT

Here's a quick summary of the main points, and an early stab at some analysis.

Citi experiences extraordinary levels of market volume following #ECB decision. EURUSD 500% to 600% higher as normal pic.twitter.com/H40a3BKp3t

2.35pm GMT

Press conference over, summary to follow....

2.35pm GMT

Finally, a question about the euro, which has bounced away from near-parity against the US dollar today. Does the ECB have concerns about the exchange rate?

Draghi sticks to the standard answer - that the exchange rate is not a policy target, but it's an important factor in monetary policy, and the ability of the ECB to transmit its measures to the real economy.

Draghi: "the exchange rate is not a policy target". Some fun, at last.

2.31pm GMT

Draghi admits that we don't know what the economic impacts of the refugee crisis and terrorist threat are.

2.29pm GMT

Q: What impact will the Paris terrorist attacks have on the eurozone economy?

Short answer, we don't know, Draghi replies. The future is full of geopolitical risks.

Draghi: In the measures we announced today there is confidence but there is no complacency

2.27pm GMT

Mario Draghi appears to have over-promised and under-delivered, says Ben Brettell, Senior Economist at Hargreaves Lansdown.

Brettell sums up the gloomy mood:

Markets expected Draghi to deliver a combination of rate cuts and tweaks to the ECB's QE programme. The deposit rate for commercial banks was already in negative territory at -0.2% and analysts had predicted a cut of between 0.1 and 0.2 percentage points. The cut to -0.3% therefore left markets somewhat underwhelmed. The other two key interest rates were left unchanged.

Far more exciting for the markets were the expected tweaks to QE in the subsequent press conference. The current programme of a60 billion of asset purchases per month has been extended by six months, to March 2017 (or beyond if necessary). ECB has also expanded the range of assets being purchased, to include regional and local government debt.

2.24pm GMT

Mario Draghi is repeatedly denying that the European Central Bank is indulging in 'monetary stimulus' through its QE scheme.

Some journalists are concerned that the ECB might break its mandate by taking government debt onto its balance sheet.

#Draghi "I would exclude any form of monetary financing" Ah but for how long Mario? #ECB #QE

2.21pm GMT

Pensioners should be worried by the ECB's decision to take more stimulus measures today, argues Charles Cowling, director at JLT Employee Benefits:

"The ECB's extension of its QE programme is not a surprise, given the continued weakness in the Eurozone economy and the lack of inflationary pressure. However, this is bad news for pension schemes as it suggests the ECB feels interest rates may stay very low for longer than expected.

Our research, launched in October, suggested that a delay of 12 months in interest rates rising could see total UK pension scheme deficits balloon by 62bn.

2.18pm GMT

Draghi is insisting that today's decision to roll-over QE bonds, to buy new ones when old ones mature, is a big step.

#Draghi underlines AGAIN that bond principal re-investments will "surely" continue after March '17. He is struggling to convey the message.

2.17pm GMT

Another development - the ECB will no longer discuss monetary policy with City institutions in the run-up to major announcements.

Draghi: During the quiet period there will be no discussion on monetary policy with representative of financial institutions

2.15pm GMT

Draghi has insisted that the ECB will not run out of assets to buy through its QE programme.

Bonds are there to be bought, he declares.

2.09pm GMT

Jonathan Loynes of Capital Economics says the ECB's limited new stimulus measures are a serious disappointment.

Draghi's reputation could suffer, he adds:

This will be seen as a clear disappointment in the light of the repeated extremely dovish signals from the President and his colleagues.

That is clearly evident in the reaction of the euro, which has unwound the falls of the last month in response to the announcements, and the jump in bond yields. In short, the ECB has comprehensively failed to live up to its own hype and markets and forecasters will take future communications from Mr Draghi and colleagues with a corresponding bucket of salt.

2.05pm GMT

European stock markets are in retreat, plunging sharply as investors rapidly digest the news out of Frankfurt.

Germany's DAX is leading the selloff, shedding more than 3%. France's CAC is down 2.8%.

2.01pm GMT

We're not excluding the use of other instruments, if needed, Draghi says.

1.58pm GMT

1.57pm GMT

#Draghi: decisions made today were "not unanimous" but there was "a very large majority in favor of this package, very large" #ECB

1.55pm GMT

Q: Did you make a mistake in your communication strategy, Mr Draghi, or did you overestimate your ability to persuade your colleagues to do more?

They were not unanimous, Draghi reveals, but there was a very large majority in favour.

1.53pm GMT

We think the 10 basis point in the deposit facility rate is "adequate", Draghi concludes.

1.52pm GMT

Q: The financial markets are disappointed, so why didn't you do more? Why didn't you raise the pace of QE bond-buying above a60bn/month.

Mario Draghi says that the ECB analysed the situation.

Let me make this clear. We are doing more, because it works, not because it fails.

1.46pm GMT

Draghi is now urging eurozone governments to strive for "more growth-friendly" fiscal policies.

I'll post Draghi's full statement shortly. He's about to take questions.

1.45pm GMT

But the EC has cut its inflation forecasts even more -- inflation will be just 1.6% in 2017, well below the ECB's target of almost 2%.

Draghi: Projections foresee annual HICP inflation at 0.1% in 2015 (0.1% in Sept), 1.0% in 2016 (1.1%) and 1.6% in 2017 (1.7%)

1.44pm GMT

The ECB has slightly raised its growth forecasts:

1.42pm GMT

Open Europe analyst Raoul Ruparel says Draghi has failed to meet expectations, by not beefing up the amount of money the ECB is printing each month:

#Draghi has disappointed as warned. No increase in headline size of asset purchases is biggest blow. Always thought this may be step too far

1.41pm GMT

Draghi sounds rather gloomy, warning that the risks to eurozone inflation are still on the downside (ie, there's more chance that it is too weak)

Draghi: The latest staff projections indicate continued downside risks to the inflation outlook

1.40pm GMT

Euro jumps above $1.08 as Draghi disappoints so far pic.twitter.com/jlF5c6Zubh

1.39pm GMT

The euro has spiked higher, hitting $1.08 against the US dollar. That's a gain of almost two cents.

That shows that today's stimulus measures have not met market expectations (yet)

1.38pm GMT

Draghi has NOT said anything about increased the pace of quantitative easing.

That suggests it will remain at a60bn per month - dashing hopes that the ECB would speed up its bond-buying purchase programme.

1.38pm GMT

Draghi also said the ECB has decided to reinvest the proceeds from QE as bonds mature.

Draghi: Third, we decided to reinvest the principal payments on the securities purchased under the APP as they mature, as long as necessary

1.36pm GMT

#Draghi: Regional & local government debt now eligible for QE purchases. Wider scope.

1.35pm GMT

Another important development: the ECB has extended the range of assets that are eligible for QE. It will now also buy regional and local government debt.

1.34pm GMT

The ECB has extended its QE programme!

Draghi explains that the governing council decided that the current programme should run until until the end of March 2017, or beyond if necessary.

1.33pm GMT

Draghi begins by saying the ECB governing council held a 'thorough' examination of the reasons why inflation is far below the ECB's target of nearly 2%.

As a result, we took the following decisions:

1.31pm GMT

Mario Draghi has arrived at the press conference in Frankfurt for today's press conference.

The ECB chief looks calm and relaxed, smiling at the press photographers as they jostle for a good picture.

1.28pm GMT

Mario Draghi's press conference will be streamed live, here (right-click to open in a new browser).

I'll cover the key points, and instant reaction, in this blog.

1.27pm GMT

Enrique Diaz Alvarez, chief risk officer and currency expert at financial services group Ebury, predicts more fireworks from Mario Draghi in a few minutes:

He says:

"Today's decision is expected to result in significant further easing by the ECB.

Sustained low inflation in the Eurozone combined with a disappointing economic performance mean that Mario Draghi is likely to carry a comfortable majority of the Governing Council with him in his bid to pump further monetary stimulus.

1.16pm GMT

Now that things have calmed down, it appears that the markets are underwhelmed by these stimulus measures - or at least, what we've heard so far.

The euro has continued to strengthen since the ECB's announcement - which shows that investors had priced in a deeper interest rate cut.

Draghi needs either a big QE expansion or to talk very, very, very dovish to get the market back onside.

ask yourself why #Draghi would talk up QE for weeks but only announce a modest rate cut? Much more to come at 1.30pm. #Euro

1.10pm GMT

Financial pros on Twitter is offering the Pink 'Un its support at this difficult time:

Let's be honest. We should really be thanking the FT for brightening up an otherwise boring day.

That was fun. :) Thanks @FT https://t.co/rhwCFRiOje

#ECB that not quite the rabbit we were looking for

Ignore those losses. No biggie. https://t.co/ghARFy0gFT

1.04pm GMT

The ECB has taken fresh stimulus measures because it is worried that the eurozone is falling back into deflation, says David Katimbo-Mugwanya, fixed interest fund manager at EdenTree Investment Management.

The desire to boost inflation in Europe is likely to have galvanised its decision to cut the deposit facility rate from -0.20%.

1.01pm GMT

It's important to note that negative interest rates are only being imposed on eurozone banks, NOT consumers or businesses.

That's because the European Central Bank has three separate interest rates, and it has only cut one of them - the deposit facility rate, which banks pay on deposits left at the ECB.

Monetary policy decisions: deposit facility rate cut to -0.30% (minus 0.30%), MRO rate and MLF rate unchanged https://t.co/Dndob8fdEl

12.53pm GMT

Never wrong for long...

Correction: please ignore earlier tweet headlined "ECB leaves rates unchanged in shock decision". This was published in error.

12.50pm GMT

The ECB has also dropped a big hint that it is expanding its quantitative easing programme.

It says it will announce "further policy measures" at Mario Draghi's press conference, in 20 minutes.

***ECB says to announce further policy measures at news conference

12.48pm GMT

BREAKING: The European Central Bank has announced new stimulus measures, in a fresh attempt to help the eurozone economy (and disproving that FT story that sent the euro surging)

The ECB has cut its deposit rate, as expected, but only by 10 basis points to minus 0.3%. That means banks will be charged even more to store cash at the ECB.

12.45pm GMT

Here's the shock FT story that sent the euro spiralling:

12.44pm GMT

This is curious... the euro has just spiked against the US dollar.

12.37pm GMT

The recent plunge in eurozone government bond yields into negative territory means that investors are effectively paying to hold short-term debt.

(that's because if a bond yield is negative, the buyer has paid more than the face value of the bond).

"We stand on the brink of another extraordinary central bank policy easing today, from the ECB of course, which has been increasingly priced into markets, meaning amongst other things that you have to pay heavily indebted governments even more for the right to lend to them at the front end of the curve."

12.27pm GMT

The ECB has three goals today, says Stephen Macklow-Smith, Head of European Equities Strategy, J.P. Morgan Asset Management.

And they are:

Cutting the deposit rate further would be a way of trying to force banks to lend more, but it is a blunt instrument. Extending the time period over which QE takes place is a possibility, as is expanding the scope of the purchases to include local government or corporate bonds.

There will no doubt be volatility in both FX and rates while the policy announcements are made - but the key way to judge the effectiveness of ECB policy is to look at what happens to asset prices in the next week or month.

12.07pm GMT

The euro is continuing to fall; now down 0.65% today at $1.054 against the US dollar.

EURO LODing ahead of the ECB decision

12.00pm GMT

The waiting is nearly over..... in 45 minutes, the European Central Bank will announce its decisions.

Associated Press has a good preview, for anyone trying to get up to speed (I've added links to relevant parts of this liveblog):

Markets are waiting for the European Central Bank to announce Thursday that it will unleash another round of monetary stimulus for the eurozone's shaky economy.

The ECB could cut the interest rate on deposits by commercial banks, effectively encouraging them to lend more rather than hoard it.

11.33am GMT

Here's a great chart showing how the prospect of more eurozone QE has driven eurozone government borrowing costs to record lows (below zero in some cases).

Waiting for Draghi and euro-area note yields are dropping to fresh record lows #ECB https://t.co/XPKjds2mlb pic.twitter.com/HXrIl0PRoX

11.33am GMT

There are reports on Twitter of isolated clashes between some protesters and riot police in Athens, during the protest marches for today's general strike (as explained earlier).

Molotov thrown at greek ministry of finance in #Athens RT @dromografos: III IIIITMI IIIIIIII pic.twitter.com/qQ6bheHVFe

Short tension in downtown #Athens when some protesters set garbage bins on fire #Greece #strike

Clashes between protesters and riot-police in Athens general strike demo. pic by @SocialRevoluti1 #3dgr #apergia pic.twitter.com/HYpVny3MDB

11.21am GMT

The Commission has also produced an infographic explaining why it's investigating McDonald's tax affairs....

11.13am GMT

Breaking news from Brussels.... the European Commission has just announced it has begun a formal probe into fast food giant McDonald's and its 'sweetheart' tax deal with Luxembourg.

"A tax ruling that agrees to McDonald's paying no tax on their European royalties either in Luxembourg or in the US has to be looked at very carefully under EU state aid rules. The purpose of Double Taxation treaties between countries is to avoid double taxation - not to justify double non-taxation."

Commission opens formal investigation into Luxembourg's tax treatment of #McDonald's : https://t.co/x5mQmoJghb

10.47am GMT

Just two hours to go until the ECB publishes its decisions on interest rates.

10.40am GMT

The yields, or interest rates, on shorter-dated eurozone government debt are hitting new lows this morning as investors buy them ahead of today's ECB decision.

This has driven Italian two-year bonds deeper into negative yields - meaning investors are effectively taking a loss on them.

2yr Italian bond yields go into negative territory (chart via @SoberLook) pic.twitter.com/CTE55Monys

* German two-year bond yield hits record low at -0.438 percent ahead of ECB decision - Tradeweb

10.15am GMT

Today's ECB meeting is the first act in a dramatic fortnight for the global economy.

While Mario Draghi will probably ease monetary policy today, his US counterpart -- Fed chair Janet Yellen -- may well announce an interest rate rise on December 16th.

Most important 2 weeks in monetary policy for years. #ECB set to up its #QE game today, and by mid-December Fed will have raised rates.

Some analysts believe the sharply different strategies being pursued by the ECB and the Fed threaten a period of global financial turbulence.

David Marsh and Ben Robinson of the Official Monetary and Financial Institutions Forum thinktank said: "The great monetary polarisation between the US and Europe is under way. After a period of close alignment since the collapse of Lehman Brothers in September 2008, US and European monetary policies are about to diverge in dramatic fashion.

9.58am GMT

On General Strike, GSEE union says government broke commitments, policies causing "poverty and misery" #Greece pic.twitter.com/hY0dBOJEyX

9.53am GMT

Today's 24-hour general strike has also hit services in Athens and beyond.

Transport links are closed, hospitals are operating with a skeleton staff, and the banks are shut too (a familiar feeling for Greeks this year...)

9.48am GMT

Over in Greece, anti-austerity rallies are underway as unions protest against the pension reforms being implemented as part of the third Greek bailout.

General strike in #greece today. Ongoing demo. RT @Hibai_ Huelga general en #Grecia. pic.twitter.com/s4XLMEn2sx

"Some of us have lost 50 percent of our salaries and the recession is only set to get worst with this latest agreement [third bailout accord]. Austerity doesn't work, growth, development, economic recovery will never happen if such policies are pursued."

9.36am GMT

Markit also reports that Britain's service sector grew at its fastest rate since July.

That suggests the UK economy will expand by 0.6% in the last three months of the year it adds, up from 0.5% in the third quarter.

Stronger services PMI for Nov puts UK on course for +0.6% GDP in Q4, assuming no surprises in Dec pic.twitter.com/Duk5WgRvjA

9.34am GMT

The latest healthcheck of Europe's private sector paints a mixed pace.

The Good News is that European companies are growing at a faster pace, with expansion hitting a four month high in November.

9.13am GMT

What happens if Draghi forgets to bring the rabbit?

Ilya Spivak, currency strategist at DailyFX, says the euro would spike if the ECB fails to meet those market expectations:

"The markets seem primed for a big-splash accommodative gesture, raising the bar on the ECB to deliver a dovish-enough result to mollify investors and increasing the threat of disappointment. If traders are left unimpressed, the Euro is likely to rise amid profit-taking on short positions while broad-based risk appetite deteriorates, weighing on sentiment-linked FX including the Australian and New Zealand Dollars."

9.00am GMT

Kit Juckes, currency strategist at Socii(C)ti(C) Gi(C)ni(C)rale, believes Draghi could drive the euro lower today by announcing significant new stimulus measures:

Everyone expects Mario Draghi to arrive with a hat and crucially, to produce a rabbit from it.

We expect a 10bp cut in the ECB's Deposit Rate to -0.3% at today's meeting, more asset purchases (an increase of a10-20bn per month to a70-80bn, including a shift to widen the universe of bonds bought) and the reference to continuing purchases until September 2016 may (should) be dropped.

8.54am GMT

New French unemployment figures have highlighted that parts of the eurozone economy are still fragile.

France's jobless rate jumped to 10.6% in the three months through September, up from 10.4% in the April-June quarter.

French unemployment today at highest in nearly 2 decades - Above EZ, first time in 8yrs https://t.co/uQqGYVNm4d pic.twitter.com/iPeSGsC1Qe

8.49am GMT

European stock markets have risen in early trading, suggesting investors are confident that Mario Draghi will deliver something significant today:

Markets hope that President Super Mario Draghi delivers a hat-trick of stimulus measures to foster inflation and growth, both expanding and extending the current QE programme and taking deposit rates further into negative territory.

8.35am GMT

Predictions are flooding in.

Capital Economics are confident Draghi will deliver. They forecasting that QE will be bumped up to a80bn per month, from a60bn, and that the deposit rate is cut from -0.2% to -0.4%.

A massive day for the #ECB. We expect a a20bn rise in monthly QE & a 20bp cut in depo rate. Anything less could halt or reverse fall in a.

BNP expects #ECB to cut deposit rate by 20bps to -40bp, a a10bn increase in monthly pace of QE, and an QE extension by a year to Sep2017.

ECB D-day! Baseline: 10bp cut + 6-12m QE extension Key points: More cuts or not 2-tiered depo or not QE yield threshold QE modalities

There is much speculation that the ECB may simply drop the reference to September 2016 in favour of 'as long as it takes to' confirm that CPI is headed back to target.

This would hardly be a dramatic change, as this is already implied in the current formulation. Markets would probably welcome this as it can be interpreted as a form of "QE infinity", though in truth it is a double edged sword, as the QE programme could be halted sooner than expected.

8.24am GMT

Can Draghi handle the challenge of saving the eurozone from a deflationary slump? You betcha.

Here's his favourite joke, via Business Insider:

A man needs a heart transplant. Says the doctor: "I can give you the heart of a five-year old boy."

"Too young."

You doubt Draghi will handle the pressure? His fav joke: "I'd take a heart transplant from a 75y old central banker. It's never been used!"

Remarkable scenes at today's ECB press conference: http://t.co/XB6i3QSCd4 pic.twitter.com/sCy08at1bq

8.14am GMT

This chart from ABN Amro shows that Draghi would have to announce quite a lot today to actually surprise the markets.

More QE and deeper negative interest rates for commercial banks are already priced in.

It's #ECB day! Please find our table and note on various scenarios and market reaction below https://t.co/7mwampZH4r pic.twitter.com/GdgNC0YQRX

8.07am GMT

The ECB governing council have several weapons in their armory today:

Extending quantitative easing for longer. The bond-buying programme is currently due to expire in September 2016, but the ECB could extend it by several months - or even indefinitely.

8.01am GMT

You have to go back nearly a year to the last *really important* European Central Bank meeting.

To January 22, in fact, when Draghi announced that the ECB would launch a QE programme to fend off the threat of deflation.

This is the most important day for euro-area monetary policy since January 22nd. I hope #Draghi slept well. #ECB

7.55am GMT

Investors are already selling the euro, in anticipation of fresh stimulus measures today.

The single currency has dropped by around 0.25% to $1.058, close to a seven-month low.

How low can you go...? Euro down ahead @ecb meeting &stimulus bets. But big shorts mean disappointment could =spike pic.twitter.com/uGxXl2YO11

7.33am GMT

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

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