|08-25-2014, 01:18 PM||#1|
Draghi comments lift Stoxx 600, overshadow German data
European stocks rose early Monday, boosted by Draghi`s dovish comments at the Jackson Hole conference on Friday, overshadowing weaker-than-expected business morale in Germany.
The sentiment for equities was strongly supported by the surprise dovish comments by European Central Bank President Mario Draghi, who said the bank is ready to provide more easing to help a waning recovery, signaling a withdrawal from the austerity-focused philosophy that has dominated economic policy-making in the euro area since the financial crisis.
Speaking at the Federal Reserve Bank of Kansas City`s annual conference Jackson Hole, Wyoming, Draghi also warned that governments must join in efforts to reduced high unemployment, while he saying the bank would do everything necessary to ward off any threat of inflation.
Federal Reserve Chief Janet Yellen also kept her options open at the Jackson Hole conference, urging the hawks to look beyond just the unemployment rate, which has been coming down, but conceded that rates could go up sooner than expected and faster than expected should the jobs market and inflation pick up steam.
As of 04:15 am ET, the Stoxx 600 was up 0.59% at 338.74. Shares of industrials and information technology led the rally, each by 0.65%.
The London market is closed for the Summer Bank Holiday
France’s CAC 40 index rose 40.35 points or 0.95% to 4,293.15
Germany’s DAX 30 index rose 95.72 points or 1.02% to 9,434.78
German and French stocks were firm on a strong note since the opening despite the downbeat Ifo data in Germany, where risks stemming from the geopolitical tensions in Ukraine have strongly weighed on the business morale. The business climate index retreated for a fourth straight month in August to 106.3 from 108.0 recorded in July, coming below forecast of 107.0, the IFO institute said on Monday.
"Geopolitical risks are heightened. And some of them, like the situation in Ukraine and Russia will have a greater impact on the euro area than they … have on other parts of the world," Draghi added.
Uncertainty last weekend was very high last week, following news that Russia has, technically at least, invaded Ukraine with its humanitarian convoy. However, speculation of an eventual increase in US interest rates boosted the dollar and equities with the start of the week.
The bullish dollar left the euro lingering near the 11-month low, with the EUR/USD holding around 1.3196.
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