SCOREBOARD: Euro vision

Markets were subdued overnight as investors fixed their gaze on the ECB's policy meeting.

Price action was relatively subdued last night as punters await the ECB’s decision tonight and then payrolls on Friday. For equities then, the major European indices were mixed – the Dax up 0.5 per cent, the CaC 0.2 per cent , while the FTSE fell 0.3 per cent. Most of the news flow was negative, with the European services PMI revised down in the final August estimate. That naturally sparked alarmist headlines suggesting the European depression deepened etc (cue scary music) when the fact is the downturn is light.

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