Arab Today, arab today draghi dents euro rise markets shrug off latest suicide attack
Last Updated : GMT 06:11:37
Arab Today, arab today
Arab Today, arab today

Draghi dents euro rise, markets shrug off latest suicide attack

Arab Today, arab today

Arab Today, arab today Draghi dents euro rise, markets shrug off latest suicide attack

Frankfurt's DAX 30 stocks index rose 0.4%
London - AFP

ECB chief Mario Draghi pulled the rug out from under a rebound in the euro with a pledge to lift ultra-low inflation, while stocks markets Friday shrugged off the latest terror attack.

Speaking in Frankfurt, Draghi declared the European Central Bank's leaders will "do what we must" to lift inflation as quickly as possible, in a new sign it could boost its anti-deflation defences.

He noted that inflation was stubbornly way below the target of close to 2 percent even though the bank has deployed a 1.1-trillion-euro ($1.2-trillion) stimulus scheme to help lift consumer prices.

The quantitative easing programme to buy sovereign bonds at a rate of 60 billion euros a month runs until at least September 2016, but inflation came in at zero in October.

Given a string of similar comments by ECB leader in recent weeks analysts now expect the central bank will increase the amount of stimulus at its meeting next month.

"The head of the ECB appears determined to fight the disinflationary environment," noted London Capital Group analyst Brenda Kelly.
"A lower euro against both the dollar and the pound has been the result..."

The euro, which traded at $1.0735 late in New York on Thursday, fell as low as $1.0664, before climbing back up above $1.07 in afternoon trading.

- No Draghi stocks boost -

However, Draghi's comments failed to provide a strong boost eurozone stocks even though additional stimulus would likely boost tepid growth as well.

"An unusually ineffectual speech from the normally golden-tongued Mario Draghi meant the eurozone indices displayed the same lack of life as the FTSE as Friday continued," said analyst Connor Campbell at trading firm Spreadex.

Frankfurt's DAX 30 stocks index rose 0.4 percent in afternoon trading, while  the Paris CAC 40 won 0.2 percent compared with Thursday's close.

Outside the eurozone, London's benchmark FTSE 100 index added 0.3 percent.

Asian stocks had tacked higher in a choppy session after Wall Street had finished in negative territory on Thursday.

US stocks jumped at the open thanks to sportswear giant Nike announcing a hike in its dividend and other shareholder, with the Dow rising 0.6 percent.

European markets largely shrugged off the latest terror attack, even though it struck in the capital of Mali, which has been at the centre of French anti-terror operations in western Africa.

Gunmen went on a shooting rampage at the luxury Radisson Blu hotel in Mali's capital Bamako on Friday, seizing 170 guests and staff in an ongoing hostage-taking that has left at least three people dead.

The attack comes just a week after the shooting sprees in Paris that left 130 people dead.

France sent 4,500 troops into Mali in 2013 to turn back terrorist groups advancing on Bamako, and still keeps 3,000 troops in the region.

Shares in Rezidor Hotel Group, which is teamed up with Radisson Blu owner Carlson, fell 1.7 percent to 34.30 kronor in Stockholm.

However other international hotel groups weren't hit, with Accor shares gaining 1.2 percent to 40.92 euros in Paris and Intercontinental Hotels steady at £25.01 in London.

Key figures around 1430 GMT

London - FTSE 100:  UP 0.3 percent at 6,347.58 points

Frankfurt - DAX 30: UP 0.4 percent at 11,127.63

Paris - CAC 40:  percent at 4,922.79

EURO STOXX 50: UP 0.2 percent at 3,456.89

New York - Dow: UP 0.6 percent at 17,843.06

New York - S&P 500: UP 0.5 percent at 2,091.40

New York - Nasdaq: UP 0.5 percent at 5,097.47

Tokyo - Nikkei 225: UP 0.1 percent at 19,879.81 (close)

Euro/dollar: DOWN to $1.707 from $1.0735 in late US trade on Thursday

Dollar/yen: DOWN to 122.73 yen from 122.87 yen

burs-rl/cw

 

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