european stocks close up as ecb moves to kickstart lending
Last Updated : GMT 03:44:40
Arab Today, arab today
Arab Today, arab today

European stocks close up as ECB moves to kick-start lending

Arab Today, arab today

Arab Today, arab today European stocks close up as ECB moves to kick-start lending

Europe's main stock markets
London - AFP

Europe's main stock markets closed up on Thursday, lifted by the European Central Bank's announcement that it would begin buying asset-backed securities in a multi-pronged action to get lending flowing again.
London's benchmark FTSE 100 index ended the day 0.15 percent higher at 6,463.55 points, after a day of choppy trading as investors fretted initially over the health of the eurozone banking industry.
In Paris, the CAC rose 0.74 percent to 4.141.24 points and Frankfurt's Dax was up 0.35 percent at 9,114.84 points.
The Federal Reserve's withdrawal of its vast bond-buying scheme known as quantitative easing (QE), had earlier also hit sentiment across global markets.
Stocks in the eurozone's periphery of Athens, Lisbon and Madrid also slumped initially on renewed doubts over recent stress tests on the eurozone bank sector.
But losses were later capped by the ECB's asset purchase announcement.
The Lisbon market closed down 1.47 percent while Athens lost 2.8 percent. Madrid meanwhile finished with a slight gain of 0.16 percent.
The euro was trading at $1.2624.
The ECB gave most eurozone banks a clean bill of health on Sunday, but said 25 out of a total 130 banks had a combined shortfall of 25 billion euros ($31 billion) at the end of 2013.
"I think (there are) still some concerns over ECB stress tests -- and that ECB might be under-estimating capital required," VTB Capital economist Neil MacKinnon told AFP.
- US monetary policy pressures -
After a two-day meeting, the US central bank's Federal Open Market Committee (FOMC) said on Wednesday it would bring an end to six years of monetary easing as the world's biggest economy gets back on track.
The Fed added it would keep near-zero interest rates for "a considerable time" after the end of the QE programme, sticking to its timetable of an increase well into 2015.
However, while the decision was widely expected, optimistic comments on the jobs market were considered by analysts to be more hawkish than in the past, fuelling speculation of a possible earlier-than-expected rate hike.
While that hurt sentiments earlier in the day, markets recovered as the ECB said it would begin its purchases of asset-backed securities or ABS in November.
Asset-backed securities (ABS) are bundles of individual loans such as mortgages, car credit and credit-card debt which are sold on to investors, allowing banks to share the risk of default and freeing up funds to offer more lending.
The ECB believes that the market for such securities -- an important source of financing for banks to keep lending to small and medium-sized enterprises -- has effectively dried up since the financial crisis.
The bank hopes that by buying them on a large scale, it can help revive the market and free up some of the credit channels which have seized up during the long years of crisis.
There has also been speculation that the ECB could embark on the purchase of corporate bonds, and a large-scale sovereign bond purchase scheme known as quantitative easing is also believed to be under consideration.
In foreign exchange deals, the euro later stood at $1.2624, down from $1.2634 in New York late on Wednesday.
The euro fell to 78.72 British pence from 78.90 pence. The British pound gained to $1.6037 from $1.6011 on Wednesday.
On the London Bullion Market, gold prices declined to $1,202.00 an ounce, from $1,223.50 an ounce on Wednesday.

 

arabstoday
arabstoday

GMT 02:02 2017 Thursday ,23 November

Asian markets rally after Wall St lead, euro struggles

GMT 22:40 2017 Wednesday ,22 November

Bahrain Bourse daily trading performance

GMT 11:50 2017 Tuesday ,21 November

European stocks shrug off Germany's political woes

GMT 03:59 2017 Tuesday ,21 November

Weekly inflation decreases by 0.88%

GMT 23:50 2017 Monday ,20 November

Bahrain Bourse daily trading performance

GMT 14:54 2017 Sunday ,19 November

Bahrain Bourse daily trading performance

GMT 03:16 2017 Saturday ,18 November

Asian markets head for positive end to volatile week

GMT 11:57 2017 Friday ,17 November

US stocks boosted by solid Wal-Mart, Cisco earnings
Arab Today, arab today
Arab Today, arab today

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*

european stocks close up as ecb moves to kickstart lending european stocks close up as ecb moves to kickstart lending

 



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*

european stocks close up as ecb moves to kickstart lending european stocks close up as ecb moves to kickstart lending

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today The Big Apple bike boom

GMT 10:47 2017 Wednesday ,22 November

The Big Apple bike boom
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Leaders of Russia, Iran, Turkey meet

GMT 10:12 2017 Wednesday ,22 November

Leaders of Russia, Iran, Turkey meet
Arab Today, arab today 'Advanced' cyber attack targets Saudi Arabia

GMT 10:18 2017 Wednesday ,22 November

'Advanced' cyber attack targets Saudi Arabia
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Honda recalls 800,000 minivans

GMT 11:43 2017 Wednesday ,22 November

Honda recalls 800,000 minivans
Arab Today, arab today VW says will invest over 34bn euros

GMT 07:19 2017 Tuesday ,21 November

VW says will invest over 34bn euros
Arab Today, arab today Singer Jahda Wahba has unlimited ambitions

GMT 07:56 2017 Monday ,20 November

Singer Jahda Wahba has unlimited ambitions
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 09:23 2017 Saturday ,18 November

Fedra happy for “Between Two Worlds” success

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 13:41 2017 Tuesday ,21 November

French choke up over proposal

GMT 00:44 2017 Monday ,20 November

Japanese regulators raid Airbnb

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
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