WOLFSBURG, Germany (AP):Wolfsburg caused the biggest upset of this season’s Champions League with a 2-0 victory over record 10-time winner Real Madrid in the first leg of their quarter-final yesterday.Making only their second appearance in the competition and playing their first quarter-final, Wolfsburg outmuscled and outran the Spanish giants to give themselves a clear chance of advancing after next Tuesday’s second leg at the Bernabeu.”We are in a good position, we can always score a goal,” Wolfsburg’s coach Dieter Hecking said. “We wanted to unnerve them a little and we succeeded.”Ricardo Rodriguez converted a penalty in the 18th minute and Maximilian Arnold added the second in the 25th as the home side used counterattacks to devastating effect, dealing Madrid their first defeat in the competition this season. Wolfsburg have won all five home matches.Cristiano Ronaldo had a goal disallowed for offside in the second minute and the Madrid star had little chance of increasing his competition-high tally of 13 goals after that.”We didn’t get into the game well,” Madrid coach Zinedine Zidane said. “But we still have 90 minutes at home, we have to stay calm.”In yesterday’s other match, Manchester City are in a strong position to reach the Champions League semi-finals for the first time after Brazilian midfielder Fernandinho’s scrappy goal earned a valuable 2-2 draw away to Paris Saint-Germain in an error-strewn quarter-final first leg.PSG took the lead when midfielder Adrien Rabiot tapped home in the 59th after goalkeeper Joe Hart saved Edison Cavani’s glancing header from Angel Di Maria’s corner.City struck against the run of play in the 38th through Belgium winger Kevin De Bruyne, but a huge mistake from midfielder Fernando gifted PSG striker Zlatan Ibrahimovic an equaliser three minutes later.
The European Central Bank has decided against an increase in the pace of the asset purchase programme, Mario Draghi announced at a press conference on 3 December.Although the ECB will keep its asset purchasing programme at â‚¬60bn (Â£43bn, $65bn) a month, it has extended it by six months. The quantitative easing package will now run until at least March 2017. Let me make this clear. We are doing more, because it works, not because it fails, the ECB president told reporters.As expected, the deposit interest rate was decreased by the policy makers from -0.2% to -0.3%, while the main refinancing rate will remain unchanged at 0.05%. The monetary decisions are aimed at boosting the Eurozone economy and lifting the inflation rate.Mario Draghi has bought the Eurozone precious time by extending the ECBs â‚¬60 billion-a-month bond-buying programme until March 2017, Institute of Directors chief economist James Sproule commented. This is a stimulus package which the block clearly needs. On its own, however, money from the central bank will do little to address the Eurozones underlying rigidity which has led to its chronic growth problems.No expansion to QE. So much for the ECB going over and above expectations. Had a feeling he had set the bar too high. EURUSD rallying againâ€” Joshua Mahony (@JMahony_IG) December 3, 2015Oh dear! If QE not working now, extending wont help now.â€” Mike van Dulken (@Accendo_Mike) December 3, 2015ECB action – less than expected – good for UK exports 72 cents to the Â£ – 70 cents to Â£ this morningâ€” David Buik (@truemagic68) December 3, 2015 More to follow…. Close