Those skeptical of the need for quantitative easing, such as Bundesbank President Jens Weidmann, have called for a steady hand on the monetary-policy tiller, rather than a rush to deliver even more stimulus.

And ECB Chief Economist Peter Praet reiterated the bank’s readiness to modify its trillion-euro bond-buying programme if economic turbulence merits action, in an interview with a Swiss newspaper on Saturday.

USA stocks ended mildly lower after fluctuating between gains and losses Wednesday, as investors assessed European Central Bank (ECB) President Mario Draghi’s remarks about monetary stimulus policy. ECB council member Nowotny said there is “great uncertainty” with respect to the outlook on emerging markets and added it’s risky for central banks to raise rates too early. She is due to speak on “Inflation Dynamics and Monetary Policy” at 2100 GMT.

The preliminary Caixin/Markit China Manufacturing Purchasing Managers’ Index (PMI) fell to 47.0 in September, the worst since March 2009 and below market expectations of 47.5.

A survey by the European Commission released Tuesday showed households across the eurozone were largely untroubled by the turmoil in global financial markets in late August or signs of a Chinese slowdown. It could certainly get more interesting once he tackles questions.

Traders await speech from Federal Reserve Chair Janet Yellen later in the day for guidance about the outlook for interest rates.

In his comments to the European Parliament, Draghi also said that governments must push through structural reforms and, while they should stick to existing pledges to reduce their debt burdens, they should use any room for manoeuver.

Previously, statistical series on loans adjusted for sales and securitisation published by the European Central Bank took into account only the one-off impact of transactions resulting from (net) loan transfers, off or on balance sheet, in the period during which the transfer took place. In short Mr Draghi dampened market prospects for more QE and this has given some support to the euro. “Confidence is also based on trust that what’s been committed will actually be undertaken, namely banking union being undertaken without waiting for big treaty changes”.