June 1, 2016 - 11:50 PM EDT
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European Central Bank and OPEC meetings – live updates

block-time published-time 8.23am BST

There’s tight security in Austria today as OPEC oil ministers arrive:

enltrGood morning from Opec hq in Vienna where security strongly in place and press corps is arriving ahead of meeting pic.twitter.com/eglLFYOtX5

— Angelina Rascouët (@arascouet) June 2, 2016

enltrAll eyes on Vienna today as #ECB & #OPEC meet on same day, at same time and in same city. In same wait-and-see mood. Remarkable coincidence.

— Maxime Sbaihi (@MxSba) June 2, 2016

block-time published-time 8.17am BST

Today's timings.....

Fortunately, the two meetings won’t clash too badly.

CET is one hour ahead of BST.

The ECB will announce its decision on interest rates at 1.45pm local time (12.45pmUK), and then hold a press conference from 2.30-3.30pm (or 1.30-2.30pmUK time)

block-time published-time 8.10am BST

Iran: No production caps today

Iran has slapped down the idea that OPEC could agree production limits at today’s meeting.

The Iranian minister, Bijan Zanganeh, said a cap wouldn’t benefit Iran - or other cartel members either.

Zanganeh told reporters in Vienna that:

One of our main ideas is to have country quotas, but I don’t think we can reach an agreement on this subject at this meeting.

Related: Opec leaders meet in Vienna as Iran rejects oil output cap

block-time updated-timeUpdated at 8.11am BST

block-time published-time 8.07am BST

The OPEC oil ministers will have to take one decision in Vienna today - electing a new secretary general.

Our energy editor, Terry Macalister, explains:

Mohammed Barkindo, a former boss of Nigeria’s national oil company, is in pole position to be installed as front man for the oil cartel, whose lack of internal unity leaves it unable to take decisive action.

But otherwise, little firm action is expected, as the oil price has recently risen back to $50 per barrel.

The laissez-faire consensus more likely to prevail was outlined by Suhail bin Mohammed al-Mazrouei, the energy minister for the United Arab Emirates, who said: “Supply and demand are working and this is the element of this (Opec) policy. From the beginning of the year until now, the market has been correcting itself upward. This is the year of correction.”

Related: Indecision reigns at Opec as it votes for new secretary general

block-time published-time 7.39am BST

The Agenda: ECB and OPEC meet in Vienna A traditional Fiaker horse-drawn carriage passes the Leopoldine Wing of the Hofburg palace in Vienna. Photograph: Heinz-Peter Bader/Reuters

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

Vienna is often dubbed the cultural capital of Europe, thanks to the influence of Strauss, Mozart, Beethoven, Schubert et al. But today it’s the financial news capital of Europe too.

The European Central Bank’s governing council has decamped from Frankfurt to Austria, for its latest monetary policy meeting. They’ll be setting interest rates, discussing the effectiveness of its latest stimulus package, and then holding a press conference.

We’re not expecting any big announcements, as it’s only three months since the ECB dramatically slashed rates and announced a series of new measures. Instead, investors want to hear whether those measures are working.

The ECB will also issue fresh economic forecasts, which will show if it sees inflation ( currently -0.1% ) returning to the 2% target.

ECB chief Mario Draghi will also field questions about Greece’s debt crisis, the banking sector, and perhaps even Britain’s EU referendum.

  • 12.45pm BST: ECB interest rate decision
  • 1.30pm BST: ECB press conference

Cheap oil has dragged Europe’s inflation rate into negative territory. So it’s appropriate that OPEC is also meeting in Vienna for its twice-yearly meeting.

This is a chance for the cartel to discuss how to set production levels to their best advantage. Back in the 1970s, OPEC’s members had huge power over the oil sector, so its meetings were Big Events.

To be honest, OPEC isn’t the force it once was – previous attempts to cap production to drive the oil price have failed, and oil analysts don’t expect many fireworks today

Having said that....there was some chatter last night that OPEC could set some sort of output ceiling, so you never know....

It’s good news for Austria’s tourism sector, anyway.

enltrGo long Vienna hotel rooms today...both OPEC & ECB descend on city for crucial meetings. Euro & oil trade flat ahead of meetings

Caroline Hyde (@CarolineHydeTV) June 2, 2016 Also coming up.....

We find out how many private sector jobs were created in America last month, when the monthly ADP jobs report is released. That will set the tone for tomorrow’s Non-Farm Payroll

After two days of falls, European stock markets are expected to dip this morning as investors watch events in Vienna.

enltrOur European opening calls: $FTSE 6180 down 12
$DAX 10173 down 31
$CAC 4450 down 25 $IBEX 8896 down 21 $MIB 17785 down 26

— IGSquawk (@IGSquawk) June 2, 2016

And the Bank of England will be unveiling the final design of its first ever plastic note this afternoon.

The new £5 note will be proudly produced at Blenheim Palace - birthplace of Sir Winston Churchill, who appears on the back of it.

An early design of Britain’s first plastic note Photograph: Bank of England

block-time updated-timeUpdated at 8.14am BST

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Source: Equities.com News (June 1, 2016 - 11:50 PM EDT)

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