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| Mario Draghi hints eurozone stimulus will last - business live | |
| (35 minutes later) | |
| 8.40am GMT | |
| 08:40 | |
| Mario Draghi: ECB stimulus will last | |
| Mario Draghi, the president of the European Central Bank, has given a clear signal that policymakers will continue to support the eurozone economy with monetary stimulus. | |
| Giving a keynote speech at the European Banking Congress in Frankfurt, Draghi said policy would remain lose amid weak inflationary pressures. | |
| Even if there are many encouraging trends in the euro area economy, the recovery remains highly reliant on a constellation of financing conditions that, in turn, depend on continued monetary support. | |
| The ECB will continue to act, as warranted, by using all the instruments available within our mandate to secure a sustained convergence of inflation towards a level below, but close to 2%. | |
| 8.27am GMT | |
| 08:27 | |
| European markets are mixed in early trading | |
| The FTSE 100 is slightly down in early trading, after closing up 45 points or 0.7% on Thursday. | |
| Elsewhere in Europe, markets are mixed. Nerves persist in Italy, where bond yields are sharply higher as political concerns rise to the fore ahead of next month’s referendum. | |
| The scores so far: | |
| 8.18am GMT | 8.18am GMT |
| 08:18 | 08:18 |
| Holger Schmieding, economist at the German bank Berenberg, says the ECB won’t be in any hurry to follow the Fed and tighten monetary policy. | Holger Schmieding, economist at the German bank Berenberg, says the ECB won’t be in any hurry to follow the Fed and tighten monetary policy. |
| Pundits including us expect the ECB to prolong its current €80 billion monthly asset purchases by at least three and more likely six months beyond March 2017 before finally starting to taper, announcing that decision to extend purchases at its 8 December meeting. | Pundits including us expect the ECB to prolong its current €80 billion monthly asset purchases by at least three and more likely six months beyond March 2017 before finally starting to taper, announcing that decision to extend purchases at its 8 December meeting. |
| In addition, the ECB will likely make some technical changes to its programme to broaden the scope of eligible (German) paper without changing the capital key distribution of purchases or breaking new ground by venturing into purchases of major new asset classes such as bank bonds or equities. | In addition, the ECB will likely make some technical changes to its programme to broaden the scope of eligible (German) paper without changing the capital key distribution of purchases or breaking new ground by venturing into purchases of major new asset classes such as bank bonds or equities. |
| 8.15am GMT | 8.15am GMT |
| 08:15 | 08:15 |
| The euro against the dollar over the past year: | The euro against the dollar over the past year: |
| 8.01am GMT | 8.01am GMT |
| 08:01 | 08:01 |
| The agenda: euro in record losing streak as markets await Draghi speech | The agenda: euro in record losing streak as markets await Draghi speech |
| Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. | Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. |
| The dollar’s gain is the euro’s loss, with strength in the US currency pushing the euro below $1.06 for the first time in almost a year. It is currently trading at $1.0596. | The dollar’s gain is the euro’s loss, with strength in the US currency pushing the euro below $1.06 for the first time in almost a year. It is currently trading at $1.0596. |
| The single’s bloc’s currency is suffering its longest run of losses since 1999, when it first launch as an accounting currency, according to the FT’s analysis of Bloomberg data. | The single’s bloc’s currency is suffering its longest run of losses since 1999, when it first launch as an accounting currency, according to the FT’s analysis of Bloomberg data. |
| The dollar’s latest boost comes from Janet Yellen, the chair of the Federal Reserve, who hinted to Congress on Thursday that another rate hike in December was on the cards. | The dollar’s latest boost comes from Janet Yellen, the chair of the Federal Reserve, who hinted to Congress on Thursday that another rate hike in December was on the cards. |
| Mario Draghi, president of the European Central Bank, is due to give a speech in Frankfurt shortly. Investors will listen closely for his views on the current outlook for the eurozone, and any hints on possible changes to monetary policy. | Mario Draghi, president of the European Central Bank, is due to give a speech in Frankfurt shortly. Investors will listen closely for his views on the current outlook for the eurozone, and any hints on possible changes to monetary policy. |