ECB's Holzmann: A 25 bps rate cut is probable in December

As a reminder, it was also "probable" that the ECB would've paused in October. And look at how things played out instead.

It's all about the data at this stage and we'll get a first test of the ECB's resolve from the PMI figures later today. The ECB will only be meeting next on 12 December. So, there's still plenty of time for the data to once again convince them to act at a quicker pace.