Odds of an ECB rate cut are just slightly better than 50/50 as the central bank prepares for its rate-setting meeting tomorrow. Futures markets see a 58% chance that the refi rate will be trimmed to 0.75%, a record low.

Considering the refi rate never dropped below 1% during the dark days following the global financial crisis in late 2008/early 200, a record low should signal how intense the concerns are at the ECB.