European Central Bank surprised the market with a cut to its key interest rate and deposit rate. In a bid to stimulate a flagging Euro-zone economy, the benchmark rate was cut by 10bps to a record low of 0.05%, from a previous 0.15%, and the rate at which the central bank charges large institutions to park up cash moved to -0.2% from -0.1% (deposit rate). President Draghi also announced a program of bond purchases from the private sector on both asset backed securities and covered bonds, to add further liquidity.