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
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%.
