It was the eighth rate cut in the past year, extending the bank’s divergence from the Federal Reserve, which has held rates steady since the end of last year.

Lower inflation and concern that U.S. President Donald Trump's trade war will slow already modest growth have cleared the way for the European Central Bank to cut interest rates at Thursday's policy meeting,

The fallout from the U.S.–China trade war has made its way to Europe’s auto factories. Several European auto supplier plants have reportedly suspended output due to shortages of rare earth components,