Business

Nobody was expecting a rate cut (and hopefully not a hike) from the ECB today, and that's precisely what they got when moments ago the ECB announced it would keep its three key rates unchanged as follows:

• Marginal Lending Facility: 0.30%
• Deposit Facility: -0.30%
• Main Refinancing Rate: 0.05%

The full release:

• Global Stocks Face Fresh Losses (WSJ)
• European stocks lick wounds after mauling, oil steady (Reuters)
• Hang Seng Index Sinks Below Net Assets for First Time Since 1998 (BBG)
• U.S. Hedge Funds Boast Lower Losses as Markets Tumble Further (NYT)
• Deutsche Bank Drops as Investment Bank Revenue Concerns Mount (BBG)
• Islamic State Uses Syria’s Biggest Dam as Refuge and Potential Weapon (WSJ)
• Goldman-run funds most popular with Republican candidates, disclosures show (Reuters)

Unlike December 3 of last year, when there so much hope just ahead of the ECB's statement and Mario Draghi's press conference, which was all soundly crushed when the European central bank disappointed everyone leading to the biggest surge in the EUR since the announcement of QE1, this time few if anyone harbor any hopes about an upside surprise from not so super Mario.

Things are looking increasingly shaky for central planners around the globe.

Invest In Gold Now As Stock Market To Crash – Faber

Marc Faber, editor of the “Gloom, Doom & Boom Report,” has advised investors that now is a good time to invest in gold  because stocks will crash over 40% and the world is on the verge of a new liquidity and debt crisis.

Faber says investors would be prudent to diversify into safe haven in gold bullion which has risen 3% this year and is currently at $1,096 an ounce.