Today’s session includes two highlights. Corporate results will take center stage until 1.15pm GMT, when macroeconomics will take over. First with the ECB's rate decision, then very quickly with a series of US statistics, including the first estimate of Q3 GDP.

All the economists surveyed by the financial agencies - 85 at Reuters and 59 at Bloomberg - agree that the European central bank will leave rates unchanged.

Thursday's session will also see a new wave of quarterly corporate results. The figures are still mixed overall. Last night, after the Wall Street close, Meta Platforms fell by over 3% and IBM edged up on the announcement of their respective performances.

Today, Standard Chartered caused a drop in bank stocks and Unilever a decline in consumer shares after they both posted disappointing results. The FTSE 100 was down 0.8% at 9.30 am.

In addition, ad group WPP lowered its full-year outlook for the second quarter in a row, with shares down 3%.

Things to read today:

Meta: wave goodbye to the Year of Efficiency (Financial Times)

Bill Ackman makes $200mn from bet against US Treasuries (Financial Times)

Markets in an Era of Clashing Superpowers (Bloomberg)