Markit's Composite PMI is a good indicator of overall GDP growth across the eurozone (Source: Markit)
09.06 The eurozone's dominant services sector continued to shrink last month, although the contraction was not as deep as expected.
Markit's eurozone Services Business Activity Index, which measures the performance of the services sector, rose to 47.9 in July, from 47.1 in June.
This was better than the 47.6 forecast by economists surveyed by Bloomberg, though still well below the 50 level that divides growth from contraction.
Its eurozone Composite Purchasing Managers’ Index, which measures overall activity in the manufacturing and services sectors, edged up to 46.5, from 46.4 in June.
08.41 Spanish long-term borrowing costs remain stubbornly above 7pc, at 7.28pc, though short term borrowing costs continue to decline on Mr Draghi's comments that ECB bond purchases would focus on the shorter end of the yield curve.
08.36 Stock markets are trading higher this morning. The FTSE 100 in London is up 0.4pc at 5,686.53, while the IBEX 35 in Madrid is up 0.4pc at 6,395.94 and the FTSE Mib in Milan is up 1.3pc at 13,453.75.
08.18 Although Mr Draghi said the ECB stood ready to "undertake outright open market operations of a size adequate to reach its objective" and would even address "the concerns of private investors about seniority," he also said that any purchases would not happen straight away.
In fact, they could only happen when troubled countries admit to Brussels they need help, agree to more belt tightening, and put it all in writing, 'i's dotted and 't's crossed.
This, as we know, takes time, and the market impatience took its toll yesterday, with Spanish and Italian bourses tumbling 5pc. Spanish 10-year borrowing costs surged back above 7pc, making yesterday seem like
08.15 It was a busy day yesterday, so let's have a re-cap.
The European Central Bank kept its benchmark interest rate on hold at 0.75pc, while the Bank of England also held rates at the 0.5pc historic low.
This was largely expected. Journalists then convened in Frankfurt, and investors and analysts alike gathered around their TV screens to see if Mr Draghi's version of "do whatever it takes" would be enough.
It wasn't.
08.10 Good morning and welcome back to our live coverage of the European debt crisis.
