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FRANKFURT (Reuters) - The European Central Bank slashed its growth and inflation forecasts for 2019 and lowered those for 2020 and 2021 on Thursday, acknowledging that Europe’s slowdown was longer and deeper than earlier thought. ECB President Mario Draghi said that, unusually, the central bank had not changed its assessment that risks were balanced to the downside despite the policy changes. He said that was because, although Thursday’s decisions would increase the resilience of the euro zone economy, it could not affect external factors such as rising protectionism and the still-uncertain course of Brexit.

However, the bank’s governing council rated the probability of a euro zone recession as “very low”, he los angeles transit token cufflinks clad in sterling silver told a news conference, With a global trade war weighing on confidence, industrial production and exports have slipped, exacerbated by a string of domestic difficulties, from German industry’s struggle to adapt to new auto emissions regulations to protests in France, Germany, the bloc’s biggest economy, stagnated in the fourth quarter and Italy is in outright recession, raising the risk that a temporary slowdown will become a more lasting downturn as business confidence is sapped by a steady flow of negative news..

(Reuters) - Wall Street was set to eke out gains at the open on Thursday after the European Central Bank kept its interest rates unchanged, pushed out its first post-crisis rate hike to next year and offered banks new rounds of multi-year loans. U.S. stock futures pared losses after the bolder-than-expected move showed that the ECB was having to revisit plans to dial back its unprecedented stimulus measures as a global trade war, Brexit uncertainty and simmering debt concerns in Italy take their toll on a fragile euro zone.

“The ECB has left rates unchanged and that’s a good sign and that means the recession is not terrible, because if economic conditions were degrading they would lower interest rates,” said Kim Forrest, senior equity research analyst, Fort Pitt Capital Group in Pittsburgh, “It tells the U.S, companies that have exposure to Europe that area of the world is not degrading.”, President Mario Draghi’s news conference began at 8:30 a.m, ET (1330 GMT), At 8:50 a.m, los angeles transit token cufflinks clad in sterling silver ET, Dow e-minis were up 4 points, or 0.02 percent, S&P 500 e-minis were up 1.25 points, or 0.05 percent and Nasdaq 100 e-minis were up 5 points, or 0.07 percent..

With the fourth-quarter earnings season wrapping up, investors have been waiting for new triggers to drive the market higher, including a potential U.S.-China trade agreement and Friday’s jobs report. Optimism over the chances of a trade deal as early as this month and the Federal Reserve’s cautious stance on raising interest rates has led to a 10.6 percent surge in the S&P 500 this year, though the rally seems to have lost its steam. Meanwhile, markets shrugged off latest data which showed the number of Americans filing applications for unemployment benefits unexpectedly fell last week, pointing to strong labor market conditions despite signs that job growth was slowing.

FRANKFURT (Reuters) - Following is the text of European Central Bank President Mario Draghi’s statement after the ECB’s policy meeting on Thursday, Based on our regular economic and monetary analyses, we have conducted a thorough assessment of the economic and inflation outlook, also taking into account the latest staff macroeconomic projections for the euro area, As a result, the Governing Council took the following decisions in the pursuit of its price stability objective, First, we decided to keep the key ECB interest rates unchanged, We now expect them to remain at their present levels at least through the end of 2019, and in any case for as long as necessary to ensure the continued sustained convergence of inflation to levels that los angeles transit token cufflinks clad in sterling silver are below, but close to, 2 percent over the medium term..

Second, we intend to continue re-investing, in full, the principal payments from maturing securities purchased under the asset-purchase program for an extended period of time past the date when we start raising the key ECB interest rates, and in any case for as long as necessary to maintain favorable liquidity conditions and an ample degree of monetary accommodation. Third, we decided to launch a new series of quarterly targeted longer-term refinancing operations (TLTRO-III), starting in September 2019 and ending in March 2021, each with a maturity of two years. These new operations will help to preserve favorable bank lending conditions and the smooth transmission of monetary policy. Under TLTRO-III, counterparties will be entitled to borrow up to 30 percent of the stock of eligible loans as at 28 February 2019 at a rate indexed to the interest rate on the main refinancing operations over the life of each operation. Like the outstanding TLTRO program, TLTRO‑III will feature built-in incentives for credit conditions to remain favorable. Further details on the precise terms of TLTRO-III will be communicated in due course.

Fourth, we will continue conducting our lending operations as fixed-rate tender procedures with full allotment for as long as necessary, and at least until the end of the reserve maintenance period starting in March 2021, Today’s monetary policy decisions were taken to ensure that inflation remains on a sustained path toward levels that are below, but close to, 2 percent over the medium term, While there are signs that some of the idiosyncratic domestic factors dampening growth are starting to fade, the weakening in economic data points to a sizeable moderation in the pace of the economic expansion that will extend into the current year, The persistence of uncertainties related to geopolitical factors, the threat of protectionism and vulnerabilities in emerging markets appears to be leaving marks on economic sentiment, Moreover, underlying inflation continues to be muted, The weaker economic momentum is slowing the adjustment of inflation toward our aim, At the same time, supportive financing conditions, favorable labor market dynamics and rising wage growth continue to underpin the euro area expansion and gradually rising inflation pressures, Today’s decisions will support the further build-up of domestic price pressures and headline inflation developments over the medium term, Significant monetary policy stimulus will continue to be provided by our forward guidance on the key ECB interest rates, reinforced by the re-investments of the sizeable stock of acquired assets and the new series of TLTROs, In any event, the Governing Council stands ready to adjust all of its instruments, as appropriate, to ensure that inflation los angeles transit token cufflinks clad in sterling silver continues to move toward the Governing Council’s inflation aim in a sustained manner..

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