ECB trims deposit rate to 2.0% as euro-area growth stalls

The European Central Bank lowered its deposit facility rate by 25 basis points to 2.0% on Thursday, its first move since June. The decision was described as unanimous.

In the accompanying statement the Governing Council noted that services inflation had eased to 3.1% and that euro-area growth had "broadly stalled" in the third quarter, with Germany contracting slightly.

Bank shares in the Euro Stoxx 50 fell modestly on the decision, while utilities and real estate rose. The euro weakened against the dollar.

Economists surveyed ahead of the meeting had been split on the timing of the cut. The next meeting is scheduled for December, when new staff projections will be published.