European banks cut rates

The European Central Bank has cut interest rates on Thursday along with central banks in England and the CzechRepublic, while in Poland bank President Sławomir Skrzypek said Polish rates should also be cut.

The ECB has cut rates by 50 basis points to a two-year low of 3.25 percent. The Czechs joined the action, along with England, and both cut rates by 75 basis points to 2.75 percent and by 150 basis points to 3.0 percent, respectively. "After the Czech central bank decision, I'm now even more convinced an easing cycle in Poland should be started," Skrzypek told Reuters.

The central bank has raised rates eight times with the last hike by 25 basis points in June. The rate currently sits at 6 percent.

Source: Reuters