The rate of growth of bad debt in Italy, excluding securitisations

European equities initially fend off heightened volatility stemming from Asian trading, but eventually fell prey to profit taking as well. Main indices trade up to 1% lower. US stock markets opened around 0.5% lower.

The EU said that it is poised to beat 2017 economic growth expectations, with strong private consumption and the global recovery propelling the fastest pace of eurozone expansion in a decade (2.2% forecast from 1.7%). The UK is set to have the lowest growth of almost any EU country when it leaves the bloc in 2019 (1.1%).

Even with an increase last week (from 229k to 239k), the level of US filings for unemployment benefits indicates steady demand for workers, Labor Department figures showed. The average number of applications filed over the past month was the lowest in 44 years.

European financial markets are not deep enough to allow ECB quantitative easing to run on indefinitely, ECB Executive Board member Coeure said.

ECB head of supervision, Nouy, signaled that she's willing to compromise on controversial plans to toughen rules on bad loans after criticism from the European Parliament. She told lawmakers that the guidance could be changed in response to comments received during a consultation period, and the Jan. 1 start date could be pushed back.

The rate of growth of bad debt in Italy, excluding securitisations, has declined to the lowest level since the end of the eurozone debt crisis, marking the latest sign of the country's turnround. The annual growth rate of bad debt flows net of securitisations was 8.5% in September.

Germany's imports and exports both fell in September as its trade surplus widened, highlighting the importance of domestic consumption as a driver of growth in Europe's largest economy. Seasonally adjusted exports fell by 0.4% on the month while imports were down by 1.0%, Federal Statistics Officedata showed.