The European indexes closed slightly higher and were in consolidation throughout the day. At this stage, European investors are more focused on the ECB’s Thursday decision than in the cooling signs of the global economy. Today in Beijing, the IMF reduced its forecasts for global growth. For 2015 this institution estimates a growth of 3.50% and 3.70% in 2016. In October, the IMF projections pointed to increases of 3.80% and 4% respectively. As the World Bank, the IMF pointed to the slowdown in the Eurozone, China, Japan and some emerging countries (including oil producers) as the main reason for cutting their estimates. These should also reduce the positive effects that the oil drop will take in energy-dependent countries such as those in Western Europe. The IMF decision is reinforced by the reading of China’s GDP, which indicated that the economy grew at the slowest pace in 24 years. The prevailing belief in the market is that the ECB will announce its sovereign debt purchase program. This belief was reinforced yesterday by the French President indiscretion that clearly stated that the ECB would go that way. Now, for investors the unknown is the program amount and its mode of action. While these issues do not find answers, many investors increase their exposure to the market, fearing to lose the positive effects that the ECB’s decision could have on the stock market.