VNM buoys market sentiment, compensating for apparent ECB back-tracking. The local market woke up to headline news that the ECB will introduce a fresh round of aggressive stimulus, but subsequent hints on the low likelihood of further interest rate cuts until the second half of this year put a damper on the party. The apparent backtracking in the ECB’s stance sent mixed signals to global markets and most indices in the EU closed in the red while the euro appreciated by over 1% vs the USD.