European shares paused on Monday after their strong start to the fourth quarter while the dollar dipped towards three-week lows, with investors unconvinced the U.S. Federal Reserve would raise interest rates this year.
Crude oil prices were under pressure after Mario Draghi magic seemed too eased off. Oh, sure, after Mario Draghi said he was disappointed with growth and the lack of inflation, oil got a bounce. Yet, when Asian and European stocks gave up the gains, oil prices falter until a headline came out about those Chinese Military ships that are moving off of the coast of Alaska.
The release of this morning’s European Central Bank (ECB) monetary policy statement was predictably uneventful, with the central bank leaving its main refinancing rate at 0.05%, its deposit rate at 0.20%, and its marginal lending facility at 0.30%.