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ECB Cuts Rates By 25bps

European Central Bank Meeting Thursday 2nd May 2013

The European Central Bank (ECB) as expected has cut interest rates by 25bps to 0.50%.

-44 of the 70 economists surveyed expected the ECB to cut by 25bps

-1 economist predicted a 50bps cut

-Standard Chartered, CitiGroup, Credit Suisse, Commerzbank, JPMorgan, Goldman Sachs, Barclays and Deutsche all expected the ECB to cut rates by 25bps

The macro data coming from the Eurozone has been mixed, with a two tiered North/South Europe emerging. Draghi the Head of the ECB pledged that the ECB will remain accommodative “for as long as it needed”.

The press conference with Mario Draghi will follow at 13:30pm (London)

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