Rate cuts send 'strong message'

As both the European Central Bank and People's Bank of China cut interest rates, economist Vishnu Varathan told the BBC's Asia Business Report that both likely wanted to send out a "strong signal" that they would do what is necessary to stimulate their economies.

Yet Mr Varathan, who works for Japanese bank Mizuho, says some analysts were disappointed that the ECB didn't cut rates further, or introduce another round of quantitative easing - the policy of injecting new money into the financial system to try and boost bank lending.

He added that China's rate cut meant that it was likely the country would report weaker economic data next week.