Super Mario springs a surprise

European Central Bank chief Mario Draghi cheered investors with his unexpected interest-rate cut.

The president of the European Central Bank (ECB), Mario Draghi, "managed to shock almost everyone" last week, says the FT's Claire Jones. He cut the ECB's benchmark interest rate by a quarter of a per cent to 0.25%. Stocks bounced and the euro slid to a seven-week low against the dollar.

Why he acted

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