When you have spent most of the day trying to convince the world you are not massively exposed to poor quality sovereign debt, it is not the best idea for one of your analysts to open a note on European Central Bank chief Mario Draghi's actions the way Jefferies did last night.

London-based Marchel Alexandrovich, senior vice president at Jefferies, emailed a research note late yesterday afternoon entitled "Draghi cuts with more to come in December".