Weak eurozone data add weight to ECB rate cut talk

European Central Bank at night

Data published today by Eurostat have strengthened expectations that the European Central Bank (ECB) could cut its headline interest rate at its next monetary policy meeting on Thursday.

The statistics showed that eurozone unemployed ticked up from 12.0% to 12.1% in April, while inflation dropped 50 basis points to 1.2%. Inflation has now been below the ECB's 2% target since February, adding to calls for the central bank to cut its main refinancing rate, which currently stands at 0.75%.

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