The European Central Bank cut interest rates again on Thursday but warned of "phenomenal uncertainty" including the risk that trade wars and more defence spending could fuel inflation, raising the prospect of a pause in its policy easing next month.

A 25 basis point cut to the ECB deposit facility rate is widely anticipated, marking the seventh cut in the current cycle. Click to read.

There’s no direct mention of the momentous geopolitical events of recent days. But the Governing Council says that “especially in current conditions of rising uncertainty, it will follow a data-dependent and meeting-by-meeting approach.”