ECB unveils sweeping stimulus package to revive ailing eurozone  — live updates

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The European Central Bank has released a sweeping stimulus package as it tries to inject fresh life into the eurozone, which has been battered by Brexit uncertainty and a trade war slowdown.

The central announced it would cut its key deposit rate by 0.1pc — in line with expectations, but lower than some had hoped — and re-initiate a process of quantitative easing by buying €20bn of debt a month for an indefinite period of time: “as long as necessary”.

The changes are far-reaching, but are not as extreme as some analysts had predicted.

The announcement of looser policy is remarkable, given the ECB said it was done with its dovish approach as recently as nine months ago. But global events, which have weighed particularly on the bloc’s industrial champion, Germany, have forced policymakers to once again crack out the stimulus.

The Arrowhead 140 design was chosen for the £1.25bn contract.

Driven by innovation and backed by experience and heritage, Arrowhead 140 is a modern warship that will meet the maritime threats of today and tomorrow, with British ingenuity and engineering at its core. It provides a flexible, adaptable platform that delivers value for money and supports the UK’s National Shipbuilding Strategy.

Arrowhead 140 will offer the Royal Navy a new class of ship with a proven ability to deliver a range of peacekeeping, humanitarian and warfighting capabilities whilst offering communities and supply chains throughout the UK a wide range of economic and employment opportunities.

Prime Minister Boris Johnson hailed the decision as one that would “bring shipbuilding home”. He said:

I look forward to the restoration of British influence and excellence across the world’s oceans. I am convinced that by working together we will see a renaissance in this industry which is so much part of our island story

Good morning. The European Central Bank is scheduled to meet today and is expected to enact new stimulus measures in response to economic slowdown. 

1) Struggling town centres should shift away from a reliance on shops and try to open more cafes and restaurants, to match changing shopping patterns and give locals a reason to visit the high street, according to a new report. Amenities offering services are more attractive to visitors and lift the high street’s prosperity, the Centre for Cities said, while areas which remain heavily reliant on retail typically have more empty units.

Coming up today

Morrisons has struggled in recent years, caught between general retail gloom and pressure from discounter rivals Aldi and Lidl, so its results may be a mixed picture.

“It is to be hoped that its cooperation with Amazon will help augment its numbers in the coming months after the announcement in the summer that the two counterparties are set to expand their same day delivery service across the UK,” said CMC Markets’ Michael Hewson.

Interim results: Amerisur Resources, Energean Oil & Gas, Morrisons

Economics: RICS house price (UK), inflation and jobless claims (US), ECB rates meeting