Eurozone crisis live: European stock markets under pressure 10.33am: Libor scandal update. Paul Tucker, deputy governor of the Bank of England, is hoping to get the top job and will appear in Parliament on Monday Photograph: Micha Theiner/City AM/Rex Feat The Bank of England's deputy governor Paul Tucker will appear before the Treasury Select Committee on Monday where he will no doubt be defending himself from accusations by Bob Diamond that a call to the bank caused the "confusion" that led to the interbank lending rate to be fixed. Tucker hopes to become the next governor at the BoE when Mervyn King steps down, but his rival for the top job, Adair Turner, FSA chairman will also be appearing - according to Reuters - in front of the committee of MPs to show off his credentials. Marcus Agius, the former non-exec Chairman, now executive Chairman, of Barclays will also give his Libor views on Tuesday 10.19am: Last bond post for a bit. Promise. Spanish 10 year bonds are getting dangerously close to the 7% level economists consider is unsustainable Current yield is 6.94% up 15bps Italian 10 year bonds 6.02% up 2bps The downbeat messages coming from banking officials can't be helping matters. IMF chief Christie Lagarde said earlier today the IMF is set to downgrade its forecast a day after Mario Draghi, ECB head, warned of "heightened uncertainty" in the eurozone. We will let you know if Spain hits 7% 10.07am: Here's some reaction to the UK PPI figures. Samuel Tombs at Capital Economics said: The hefty 10% fall in crude oil prices caused overall input prices to fall by 2.2% on the previous month. This pushed the annual rate of input price inflation into negative territory for the first time since September 2009. And while oil prices currently stand 4% above their average level in June, provided they do not rise any further, annual input price inflation is likely to remain negative well into next year. Meanwhile, output prices fell by 0.4% m/m, causing the annual inflation rate to ease from 2.9% to 2.3%. Given the relatively long lags involved, this points on past form to the potential for core consumer goods inflation to fall into negative territory in mid-2013. So, following a prolonged overshot of the MPC's 2% inflation target, it is becoming increasingly likely that we are now heading for an equally elongated period of below target inflation. Howard Archer at IHS Global Insight said: The June producer price data are benign, supporting hopes that consumer price inflation will head down appreciably further over the coming months. This would give the economy much needed support by easing the squeeze on consumers' purchasing power. It would also facilitate further stimulative action later this year by the Bank of England should the economy fail to improve. Chris Williamson at Markit said: A key driver of lower prices has been the sharp fall in oil prices since their peak earlier this year. Brent crude, for example, dropped more than 25% between March and June. At the same time, weak demand and over supply for many inputs has created a buyers' market, meaning companies have been able to negotiate discounts with suppliers. A concern is that oil prices have crept up above $100 per barrel again recently, which will inevitably put some renewed upward pressure on manufacturers' costs in the near future. The Bank of England's Financial Policy Committee meeting minutes were released today Photograph: Simon Dawson/Bloomberg via Getty Images 9.47am: The Bank of England's new financial risk watchdog published the minutes today from its quarterly meeting. Set up to avoid future boom and bust (where have we heard that before?) the minutes from the 22nd June meeting show the members have no concerns about conflicts when asking banks to reduce credit during the good times. They say It was noted that the primary objective to protect and enhance resilience and the news secondary objective were compatible. Indeed, the committee's recommendations... over the past year had been specifically designed to build resilience while supporting lending and growth. For those who can't remember, the Financial Policy Committee recommended last week that banks should feel free to tap into their cash piles to keep lending. Genius. 9.38am: UK factory gate inflation has eased due to lower oil prices, which will be welcome news to the Bank of England. According to official figures, producer output prices climbed 2.3% in June from a year ago, the lowest annual rate since October 2009, and below City forecasts. Manufacturers' raw material and other costs fell back by 2.3% on the year - the biggest decline since September 2009. 9.31am: Good and bad news coming out of Spain. Bad: Industrial output fell for the ninth straight month in a row in May. It fell 6.1% year-on-year in another real-life example of the crippling effect the problems are having on the country Good: The 6.1% fall was less than the 8.5% that had been predicted, and was at a slower rate of decline compared with the 8.3% drop (year on year) in April. Production hasn't grown in Spain since February 2011. 9.17am: Here's some reaction to yesterday's big moves by the BoE, ECB and China's central bank to stimulate some growth. Most analysts and experts were unimpressed, but some were surprised by the reaction (or lack of) from the markets. Michael Hewson at CMC Markets said: Yesterday's market reaction to the combined policy actions of the Bank of England, European Central Bank and the People's Bank of China is a worrying sign that the drug of central bank stimulus could be wearing a little thin as investors slowly come to the realisation that monetary policy could be starting to reach its limits... throwing more money won't remove the problem of banking systems buckling under increasing amounts of bad debt. Another poor jobs number could well raise expectations of further Fed easing, however given the market reaction to the combined central bank efforts yesterday you have to ask yourself how effective any Fed action would be. Andrew Taylor at GFT Markets said: The overnight flurry of Central Bank action has done little to build confidence in markets as equities and commodities continued on with the negative lead set by the US. As the ECB and BoE fired shots from their depleted stimulatory arsenal, the PBoC decided to join the fray in what looks to be an uncoordinated effort with its counterparts. Gary Jenkins at Swordfish Research said: Three central banks taking action within an hour of one another to try and stimulate the economy and / or boost short term confidence and the market not only shrugged it off but it seemed to actually make matters worse in some areas. It was particularly interesting to look at Spanish bond yields. At one stage in the morning the 10 year was some 22bps higher but after the central bank action it recovered to be just a few basis points away from being unchanged. However it ended the day 36bps wider at 6.74%. So after all the intervention, from both the central banks and the European politicians in the last week, the 10 year is now just 17bps lower than where it was the night before the European summit decision. 9.00am: Italian 10 year bond yield rose above 6% in early trading, but has now settled below the psychological threshold at 5.98%. Over in Spain 10 year bond yields were up 5bps so far at 6.84%. Markus Huber at ETX Capital summed it up: Of much more concern however seems to be the sharp increase in periphery bond yields after yesterday's Spanish bond auctions to levels not seen in two weeks. Slowly the optimism after the last EU summit seems to be vanishing and reality is setting in with weak growth, high debt levels and unemployment once again in the spotlight. Chrstine Lagarde has warned the IMP will downgrade its forecasts Photograph: Yan Ting/Xinhua Press/Corbis 8.46am:IMF chief Christine Lagarde has been speaking in Tokyo this morning, warning about the continuing downturn in the global economy and IMF downgrades. She said: "In the last few months, the global outlook has been more worrying for Europe, the United States and large emerging markets." The IMF will downgrade some of its economic forecasts later this month as economic data from major and emerging economies has deteriorated in recent months, she added. The IMF's forecasts are likely to be lower than our previous forecasts. Japan's Prime Minister Yoshihiko Noda said the eurozone crisis was unfairly hitting the yen. He said: "Market jitters on eurozone problems, especially one-sided yen rises that do not reflect Japan's economic fundamentals, are inflicting severe damage on economic sentiment." You can read Largarde's full speech here 8.28am: Here's today's agenda: UK Producer Prices for June at 9.30am BST • Germany total industrial production for May at 11am BST • US employment report for June including non-farm payrolls, the unemployment rate and average hourly earnings at 1.30pm BST The Bank of England publish the minutes from the latest Financial Stability Committee meeting • ECB Chair Mario Draghi, Italian Prime Minister Mario Monti and French Foreign Minister Laurent Fabius meet for and economic conference • Greece's parliament begin a three day dabate ending in a confidence vote in the new government on Sunday Meanwhile, stock markets across Europe opened down • FTSE 100 down 47 at 12897 • German DAX down 25 at 6511 • French CAC down 17 at 3212 • Spanish IBEX down 80 at 6875 • Italian FTSE MIB down 75 at 14015 And bond markets, which had a decidedly rocky ride yesterday were also suffering • Spain's 10 year bond yield is up to 6.86% • Italy's 10 year bond yield is up to 6% 7.52am: Good morning and welcome to another day of action from the eurozone crisis. We will be bringing you up to date with the latest unravelling as we head into the weekend. We are not expecting anything as exciting as yesterday, when we saw the Bank of England introduce QE3 - pumping in an extra £50bn, the European Central Bank reducing interest rates 25 basis points to 0.75%, and China surprising everyone by reducing interest rates for the second time in a month. The FTSE 100 is expected to open down 0.3%, with Germany's Dax down 0.5% and France's Cac off 0.8%. The oil price has fallen back below $100.