European Central Bank Cuts Rate 25bps to 1.25%

The European Central Bank (ECB) cut its Main refinancing operations rate by 25 basis points to 1.25% from 1.50%. The Bank said "Owing to their unfavourable effects on financing conditions and confidence, the ongoing tensions in financial markets are likely to dampen the pace of economic growth in the euro area in the second half of this year and beyond. The economic outlook continues to be...