The Bank of Russia reduced its sky-high interest rates on Friday, as inflation eases and economic growth slows. Some economists forecast the cut to 20% from 21%, but overall it was a dovish surprise to the market,

The European Central Bank on Thursday cut its main interest rate again, citing slowing price rises. The widely anticipated move takes the ECB’s main rate to 2%, from 2.25% previously, and marks the eighth time the central bank has slashed borrowing costs since last June as inflation has tumbled from multi-decade highs.