ECB turns on the taps to battle economic slump and aid stricken banks

European shares pull back ahead of ECB meeting

European shares pull back ahead of ECB meeting

Slumping growth also forced Mario Draghi, the Bank's president, to launch a new scheme to pump cheap funds into eurozone banks, bolstering lenders across the currency area but particularly in recession-struck Italy.

Treasury yields fell yesterday on ECB's dovish turn.

"Our initial take is these developments are pressing down on market confidence, seen in lower bond yields and equities". The euro duly sank to depths last seen in mid-2017, sending the safe-haven USA dollar and yen surging.

In Asia, Nikkei futures were pointing to an opening loss of around 1.6 percent, while the Australian market was off 0.4 percent. MSCI's broadest index of Asia-Pacific shares outside Japan skidded 1.1 percent to a two-week trough. The Dow Jones Industrial Average is down 200.23 points, or 0.8%, to 25473.23, while the S&P 500 lost 22.52 points, or 0.8%, to 2748.93 and the Nasdaq Composite fell 84.46 points, or 1.1%, to 7421.46.

Investors have now turned their attention to the US non-farm payrolls report on Friday, which could provide further signals on the strength of the economy and how it would affect the Federal Reserve's monetary policy. There was also a chance the jobless rate could fall by more than forecast given the recent strength in employment.

The numbers are still likely to highlight the relative outperformance of the USA economy, especially against the European Union, and further encourage dollar bulls. "The ECB's downgrade of its 2019 European growth forecast to only 1.1% from 1.7% as recently as three months ago fanned existing investor fears of a worsening global growth slowdown", writes Alec Young, managing director of global markets research at FTSE Russell. The Japanese currency was one of the few to hold its own on the dollar at 111.50.

Google's Rewarded Products helps developers monetize their user base
For developers out there, the new Rewarded Products format is now available in open beta through the Google Play Console. From an everyday user's standpoint, this product could be seen as convenient. or a major pain in the behind.

The ECB slashed its growth and inflation forecasts for 2019 and lowered those for 2020 and 2021 on Thursday, acknowledging that Europe's slowdown was longer and deeper than earlier thought.

Policymakers had not expected to change their guidance on interest rates.

"The good news here for gold is that the interest rate environment globally is unlikely to move much higher", Bart Melek, head of commodity strategies at TD Securities in Toronto, with reference to the European Central Bank statement.

Despite the potential for additional stimulus from the European Central Bank, which would be bullish for gold prices, most traders agree that the announcement of a trade deal between the United States and China would be bullish for the U.S. Dollar, which would put pressure on gold prices.

USA crude was last down 32 cents at $56.34 a barrel, while Brent crude fell 39 cents to $65.91.

Recommended News

  • Starbucks rolls out new Cloud Macchiato beverage

    Starbucks rolls out new Cloud Macchiato beverage

    It turns out that Starbucks was inspired by Grande to create a brand new macchiato, according to a press release from the company. Ariana took to Twitter on Tuesday to promote the new drinks by sharing multiple pictures of herself enjoying the cold beverage.
    PowerBall drawing Wednesday night offers $381 million jackpot

    PowerBall drawing Wednesday night offers $381 million jackpot

    Blackledge, 70, told lottery officials she had purchased the winning ticket at a Shell gas station in Harrison. The 1984 Phillipsburg High School graduate is many millions of dollars richer than he was just a few days ago.
    Ex-Cop Convicted In Fatal Shooting Of Black motorist

    Ex-Cop Convicted In Fatal Shooting Of Black motorist

    Then they held a prayer circle outside the courtroom, shouting praise to God and Jesus for the verdict as many broke down in sobs. Local 10 reports Raja told investigators Jones threw a gun in the grass, which was found more than 100 feet away from his body.
  • FDA has approved a new drug to treat severe depression

    FDA has approved a new drug to treat severe depression

    Concerns have also been raised about a lack of long-term data on possible health effects, most notably cognitive ones. Greg Panico, a spokesman for Janssen, a division of Johnson & Johnson, did not say when Spravato will be available.
    How to Unlock Gambit Prime in Destiny 2

    How to Unlock Gambit Prime in Destiny 2

    The first perk alleviates one of the most agonising moments you can experience in Gambit: losing all your motes when you die. Allegiance Quests, meanwhile, ask you to play missions from the perspective of either the Vanguard or the Drifter.
    Messi back for Argentina after eight month absence

    Messi back for Argentina after eight month absence

    Like Aguero, Chelsea's on-loan Juventus striker has not been involved for the Albiceleste since Russian Federation 2018. Gonzalo Higuain is another high-profile attacking omission.
  • Binance Coin (BNBUSD) Technical Analysis: More Buyers Waiting for Correction

    Binance Coin (BNBUSD) Technical Analysis: More Buyers Waiting for Correction

    Then Bitcoin ( BTC ) made another run towards $3,900 before noon and once again failed to break this key resistance level. Cryptocurrency exchange , Delta has announced the launch of futures contracts on Binance Coin (BNB ) on Tuesday.
    Priyanka to collaborate with Amazon Prime Video soon

    Priyanka to collaborate with Amazon Prime Video soon

    The video of the track also features their real-life partners - Danielle Deleasa, Sophie Turner and Priyanka, respectively. If you want to get spicy, throw Zayn Malik into the mix too. "Karen, she's second, because she's so kind and amusing ".
    EA isn't hosting a press conference at E3 2019

    EA isn't hosting a press conference at E3 2019

    E3 2019 will be kicking off on June 7th and there's bound to be plenty of nice surprises and various leaks as there is each year. Even Sony has chose to dodge the event, stating that it's looking for "inventive opportunities to engage the community".
  • GOG resurrects the original Diablo with HD resolution support

    GOG resurrects the original Diablo with HD resolution support

    Upon purchase, you can choose which version of the game to launch whenever you start it up, so feel free to switch back and forth. Blizzard has announced that the original Diablo is now available via digitial distribution for the first time.
    Cook Islands mulls new name

    Cook Islands mulls new name

    A small Pacific Island nation is considering ditching its Colonial name in favor of one that highlights their Polynesian roots. Now, as they develop an increasingly independent national identity, they want to change their name to one that reflects that.
    Zuckerberg has seen the light; Facebook to make drastic changes

    Zuckerberg has seen the light; Facebook to make drastic changes

    The three services would remain separate apps, but the infrastructure behind the scenes would be the same, according to the Times. But Zuckerberg said this would be an opt-in service, and users can keep their accounts separate if they prefer.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.