Arab Today, arab today european shares rally after ecb announcement
Last Updated : GMT 13:45:11
Arab Today, arab today
Arab Today, arab today

European shares rally after ECB announcement

Arab Today, arab today

Arab Today, arab today European shares rally after ECB announcement

London - AFP

European stocks rallied and borrowing rates for Spain and Italy slid Thursday as markets hailed exceptional bond-buying measures from the European Central Bank aimed at fighting the debt crisis. London\'s FTSE 100 index of top companies closed up 2.11 percent to 5,777.34 points, as traders also digested the Bank of England\'s decision to keep record-low rates unchanged. But other leading markets surged even further after the European Central Bank announced a highly anticipated programme to ease sovereign borrowing prices. In Frankfurt, the DAX 30 won 2.91 percent to 7,167.33 points, while in Paris the CAC 40 rose by 3.06 percent to 3,509.88 points. In Spain and Italy, currently the flashpoints of the debt crisis, Madrid stocks skyrocketed 4.91 percent and Milan gained 4.31 percent. \"The market very much appreciated that the ECB is ready to intervene in an unlimited fashion,\" said Yves Marcais, trader at Global Equities. \"Above all, there were no surprises\" given the high expectations, he added. \"Everything is beginning to fall into place.\" In foreign exchange deals, the euro dipped to $1.2575 from $1.2600 late in New York on Wednesday. The dollar rose to 78.91 Japanese yen from 78.38 on Wednesday. \"The ECB did not disappoint in its decision to start a vast bond purchase programme,\" said Marie Diron, senior economic adviser to the Ernst & Young Eurozone Forecast. \"While we had little doubt that such a programme would be announced, some of the details go beyond what we expected,\" she said. US stocks also surged higher after the ECB announcement and encouraging US jobs data. The Dow Jones Industrial Average soared 1.82 percent in midday trade, the S&P 500 index advanced 1.94 percent, and the tech-heavy Nasdaq jumped 2.03 percent. In a widely-anticipated bid to save the euro, ECB president Mario Draghi said the central bank would buy unlimited volumes of short-term eurozone government bonds. Draghi unveiled a new central bank instrument known as Outright Monetary Transactions (OMTs) -- purchases of sovereign bonds in secondary markets, but stressed that governments would also have to fulfill strict conditions for the ECB to intervene. The programme, which replaces a highly-contested previous one called the SMP, covers sovereign bonds with maturities of up to three years, Draghi told a news conference. The bank has set no limit to the volume of bonds it will purchase under the new programme, he added. Berenberg Bank economist Holger Schmieding commented that \"after one year in which the ECB allowed turmoil in sovereign bond markets to obstruct the transmission of its monetary policy, the ECB is now addressing the core issue in the eurozone crisis. \"By turning itself into an \'effective backstop\' for countries that meet tight conditions on fiscal repair and pro-growth reforms, the ECB signalled today more clearly and in much more detail than before that it will not let any solvent euro member go bust.\" Spanish and Italian borrowing costs tumbled after the announcement. The yield -- or rate of return -- on benchmark Spanish 10-year government bonds plunged to 6.030 percent from 6.409 percent on Wednesday, while the rate for comparable Italian bonds dropped to 5.261 percent from 5.514 percent. The fourth-largest economy in the eurozone, Spain recently received a 100-billion-euro ($126-billion) rescue for its banks, while many analysts expect the country\'s government will soon have to request a bailout. Asian stock markets closed higher on Thursday, with Tokyo edging up 0.01 percent, Seoul advancing 0.38 percent and Sydney gaining 0.80 percent.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today european shares rally after ecb announcement Arab Today, arab today european shares rally after ecb announcement

 



Arab Today, arab today
Arab Today, arab today Kanye West puts hijab-wearing model

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Optimism on the front line

GMT 07:24 2017 Monday ,20 February

Optimism on the front line
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic

GMT 09:49 2017 Saturday ,18 February

Qatar Stock Exchange Index Gains 190.17 Points This Week

GMT 09:15 2017 Friday ,17 February

Asia stocks retreat after week-long Trump rally

GMT 08:14 2017 Friday ,17 February

Bahrain Bourse daily trading report

GMT 21:28 2017 Thursday ,16 February

US Stocks End High on Tuesday

GMT 21:18 2017 Thursday ,16 February

Chinese Yuan Strengthens to 6.8632 Against USD Wednesday

GMT 09:55 2017 Thursday ,16 February

Robust Omani Riyal exchange rate affirmed
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Porsche reveals new 2018 Panamera

GMT 17:31 2017 Wednesday ,15 February

Porsche reveals new 2018 Panamera
Arab Today, arab today Egypt to hold first session of Arab film festival

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 16:08 2017 Wednesday ,15 February

Shawsh reveals her collection "Jewelry of dreams"

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 12:07 2017 Thursday ,16 February

Bite-mimicking malaria vaccine

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 17:36 2017 Monday ,13 February

Designer prepares to present 2017 collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday