However, events need to deteriorate significantly further for the ECB to launch QE.

FORBES: How Asia Survives A Sinking Euro

"In the mining sector, the recent sharp decline in commodity prices has caused profits to deteriorate significantly, such that miners are now spending more in capital expenditure than they are earning, " Credit Suisse analysts Damien Boey and Atul Lele said in a note.

BBC: Fortescue mine in Australia