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ECB keeps interest rates on hold ECB keeps interest rates on hold
(35 minutes later)
The European Central Bank (ECB) has kept its main interest rate on hold at 0.05% for another month as expected. The European Central Bank (ECB) has kept its main interest rate on hold at 0.05% amid investor concern about the fallout from China's economic slowdown.
Attention now turns to ECB chief Mario Draghi's press conference shortly for clues about the bank's next moves. Attention now turns to ECB chief Mario Draghi's news conference shortly for clues about the bank's next moves and its new inflation and growth forecasts.
There has been speculation that the ECB might have to extend its current bond-buying programme.There has been speculation that the ECB might have to extend its current bond-buying programme.
Earlier, a survey indicated that activity among eurozone businesses grew at the fastest pace for more than four years in August. The ECB also kept the rate on bank overnight deposits at minus 0.2%.
That means banks must pay to hold funds at the central bank.
The ECB also maintained its emergency overnight borrowing rate for banks at 0.3%.
Earlier on Thursday, a survey indicated that activity among eurozone businesses rose at the fastest pace for more than four years in August.
The composite purchasing managers' index (PMI) compiled by Markit rose to 54.3 last month, up from July's figure of 53.9. A figure above 50 indicates expansion.The composite purchasing managers' index (PMI) compiled by Markit rose to 54.3 last month, up from July's figure of 53.9. A figure above 50 indicates expansion.
Markit chief economist Chris Williamson said the PMI results suggested that the eurozone's economy would grow by 0.4% in the third quarter of the year, which he called "a solid - albeit unspectacular - rate of expansion".Markit chief economist Chris Williamson said the PMI results suggested that the eurozone's economy would grow by 0.4% in the third quarter of the year, which he called "a solid - albeit unspectacular - rate of expansion".