Markets should know better when expecting action from Eurozone meetings but there was a feeling that the European Central Bank was about to announce various measures yesterday, to assist countries like Spain who have had the cost of funding through sovereign bonds, go through the roof.

Mario Draghi, the ECB president, has confirmed that they will act when they need to but many Eurozone watchers feel that he needs to now. 

Equity markets registered their disapointment with an almost universal sell off of shares, the Footsie almost 1% down and some European Bourses down around 3%, with the Spanish Ibex exchange giveing up over 5%.

Some analysts thought that the Bank of England might have reduced rates by a further 0.25% yesterday but that didn't happen.