Welcome drop in eurozone deflation and unemployment figures

Prices across region fall 0.3% compared with 0.6% in January, while jobless total slips from 11.3% to 11.2%

The threat of deflation eased across the eurozone in February following a bounce back from heavy price discounting and steeply declining oil prices during the previous month. The 19-member currency bloc saw prices drop 0.3% last month compared with a drop of 0.6% in January, alleviating fears of an alarming deflationary spiral.

Unemployment also fell slightly to give Brussels a double dose of mildly positive economic news ahead of the European Central Bank's meeting later this week in Cyprus, where it is expected to give further details of a a1.1tn stimulus programme.