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Asian stocks overnight took a cautious step forward from five-month lows overnight as investors tread cautiously ahead of tomorrow’s Non-farm payrolls and as investors hope the European Central Bank can calm market nerves. A meeting by the ECB later today could announce a further ease of its policy to tackle the threat of deflation following last month’s unexpectedly soft inflation reading. 

European shares are likely to open slightly higher, flowing a positive session in Asia overnight as they bounce back from a steep two-week selloff. The rebound could be limited as investors wait for the ECB announcement. Bank of England officials are scheduled to conduct a meeting today to work out exactly how to steer interest rate expectations. Policymakers have been forced to rethink their plan to link the unemployment rate and policy decisions which has fallen far faster than they expected. Interest rates are likely to remain unchanged during their announcement at midday today.

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