The European Central Bank (ECB) is expected to make its first back-to-back rate cut in 13 years today.

With that in the price, the policy outlook will be traders’ focus and it will need to sound pretty dovish to drive the euro lower still.

The common currency is already down 2.4% for October and rates markets are pricing more cuts in Europe next year than in the US – even though US rates sit above 4.75% and European rates are at 3.5%.

Results at chipmaking giant TSMC could also move markets, especially after a disappointing outlook from chip equipment supplier ASML set off a sharp fall in semiconductor shares earlier in the week.

TSMC’s profit is expected to have leaped 42% in the third quarter to just over T$300 billion (US$9.3 billion), on soaring demand for artificial intelligence applications.

It will give fourth-quarter revenue guidance in US dollars.

Earnings at pest control company Rentokil are due in London and could be an indicator of global economic conditions.

The company’s UK shares have slid precipitously to more than four-year lows.

US retail sales data and earnings at Netflix will also be parsed for insights on consumers’ mood.

Asia trade today was reasonably steady but marred, yet again, by disappointment with Chinese authorities who announced policy measures far short of what markets have been hoping for.

Beijing promised easier access to credit for builders to complete unfinished housing projects.

Iron ore prices and real estate shares slid in China, while the Australian dollar – which had caught a boost from stronger-than-expected jobs numbers – pared early gains.