ECB AT TOP OF RATE CYCLE? - As we know the European Central Bank left interest rates unchanged yesterday at 4%. But does Mr Jean Claude Trichet's commentary accompanying the decision mean further increases are or are not a done deal.
Bank of Ireland's chief economist Dr Dan McLaughlin says he thinks the ECB may well be at the top of their rate tightening cycle - though it is too early to say for sure.
He says that a US housing downturn that was worse than previously thought, and turbulence in the financial markets which may impact on economic development, are both influencing the ECB to rein in rate increases.
He says that there could be a rate reduction in the US later this month, and at a minimum we are unlikely to see an ECB increase in the next few months.
He says when the big US banks release their results in the next few months the real impact of bad loans will emerge.
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NEWS IN BRIEF - Apple's CEO Steve Jobs has offered a $100 refund to early buyers of the iPhone, seeking to calm customers angry over an unexpected and steep price cut. Earlier this week, Apple slashed the price of its $600 iPhone model to $400, saying it wanted to make the combination phone, music player and Web browser more affordable.
Aer Arann says this morning its Waterford-London Luton service and its Galway - Luton service both carried more than 9,000 passengers in August. It's the first time the routes have breached the 9,000 number - though the Galway run did just scrape it - carrying nine thousand and one passengers.
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On the currencies the euro this morning worth $1.367and just under 67.7 pence sterling.
