It was the eighth rate cut in the past year, extending the bank’s divergence from the Federal Reserve, which has held rates steady since the end of last year.

Lower inflation and concern that U.S. President Donald Trump's trade war will slow already modest growth have cleared the way for the European Central Bank to cut interest rates at Thursday's policy meeting,

The European Central Bank on Thursday offered no surprises as it cut interest rates for the eighth time in a year — further widening the differential between official U.S. and eurozone policy rates, a gulf that has prompted President Donald Trump to lash out repeatedly at Federal Reserve Chair Jerome Powell.