Eurozone: ECB expected to cut, though doubts remain over QE. The ECB is widely expected to announce a monetary stimulus package at its 12 September meeting that includes: i) a 10 bps rate cut; ii) the tiering of deposit rates to counter the negative impact on banks’ profitability; and iii) restarting asset purchases at EUR15-30 billion per month for six months from 1 October.

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