Euro-zone inflation and industrial production were higher than expected leading to revised expectation on the timing of the next interest rate cut. Inflation slowed to 2.5 per cent in September, the closest it has been to the ECB's 2 per cent ceiling since January, but still above the expectations of analysts.

At the same time, the core inflation rate, which excludes food, energy, alcohol and tobacco prices, rose to 2.2 per cent, its highest since June 1996. Separate data showed industrial output rose 1.1 per cent in August, the biggest rise in a year.