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Prospects Daily: Euro-area money market rates drop to record low…Italian new orders jump…Malaysia’s consumer price inflation slows for second consecutive month

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Financial Markets
 
The rate banks in the Eurozone charge one another to borrow overnight, known as Eonia, fell to a record low as the European Central Bank decided to charge a negative interest on overnight bank deposit in an effort to boost the cash liquidity into the economy and curb the threat of deflation.  The Eonia index rate was set at an all-time low of 0.01% after markets closed yesterday, compared with an average for this year of 0.19% and a record high of 5.75% reached in April 2001.
 

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