ECB and China cut rates
The European Central Bank cut interest rates to a record low on Thursday to breathe life into a deteriorating euro zone economy and back up measures agreed by government leaders last week to tackle the bloc’s debt crisis.
In addition to cutting the main refinancing rate, the ECB also reduced its deposit rate, which acts as a floor for the money market, to zero from 0.25 percent.
Meanwhile China’s central bank cut interest rates for the second time in two months on Thursday to bolster an economy widely expected to record its sixth successive slide in growth in April-June.
China announced the rate cut as the Bank of England launched a third round of monetary stimulus .