Overseas Trading: ECB Cuts Deposit Rate; All Eyes on Draghi

The European Central Bank (ECB) lowered its deposit rate deeper into negative territory, and ECB President Mario Draghi is set to announce further stimulus measures

by Elizabeth Harrow

Published on Dec 3, 2015 at 8:30 AM
Updated on Dec 3, 2015 at 8:32 AM

For the second session in a row, Chinese stocks were the standout in Asia. The Caixin non-manufacturing purchasing managers index (PMI) cooled to 51.2 last month, indicating a slower pace of growth in the services sector -- echoing a similarly sluggish reading from the manufacturing sector earlier this week, and further fueling speculation of additional stimulus. China's Shanghai Composite ended 1.4% higher, while other regional markets were mixed; Japan's Nikkei edged up 0.01%, Hong Kong's Hang Seng backpedaled 0.3%, and South Korea's Kospi fell 0.8%.

Over in Europe, traders are responding to the European Central Bank's (ECB) decision to lower its deposit rate to negative 0.3% from negative 0.2%, even as it held its benchmark lending rate steady at 0.05%. The move has pushed the euro higher, with bond yields rising across the currency bloc. Traders are now turning their attention to a press conference with ECB President Mario Draghi, scheduled to begin at 8:30 a.m. ET, where further stimulus measures will be announced. At midday, the French CAC 40, German DAX, and London's FTSE 100 are all sitting on losses of roughly 0.2%.


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