ECB chief economist Lane said the ECB needs ample liquidity buffers to meet system demand.

FTSE Straits Times Index opened 2.7% lower at 5,152.29.

Iran’s Supreme National Security Council secretary Rezai told state TV he and Russian President Putin discussed supplying Russian natural gas to Iran and the necessary infrastructure. IRIB quoted Rezai saying the sides reviewed the Rasht–Astara railway and that Iran will soon sign an implementation contract. They also discussed laying a pipeline from Russia into Iran, which Rezai said would help ease Iran’s gas shortages and create the possibility of selling Russian gas to neighboring countries.