|08-26-2014, 02:25 PM||#1|
European shares rise on ECB Draghi comments
European shares rose by midday trading on Monday as comments from ECB President raised hopes the bank will intervene to prevent further drop in prices and bolster recovery.
Mario Draghi said the ECB is ready to use new stimulus if inflation continued to drop below the bank’s target of close to 2 percent.
A report due on Friday may show that euro area CPI estimate for the year ended August slipped to 0.3 percent from 0.4 percent in July.
The ECB may use quantitative easing measures, following its cut in both interest and deposit rates in June.
Meanwhile, there concerns regarding recovery, where data released today signaled Germany’s business confidence slumped for a fourth straight month in August.
As of 07:02 EST, STOXX EUROPE 600 soared 0.66% to record 338.96 points. Information Technology led the advance with a rise of 0.69%, followed by Utilities which recorded 1.40% rise.
The highest shares were for Banca Monte dei Paschi di Sien as it advanced 5.13% to 1.148 EUR, while the biggest drop was recorded by Umicore as its shares plummeted 1.53% to 36.275 EUR.
Looking at other the major European indices, the French CAC index edged up 1.04% to 4297.19 levels and Germany`s DAX index rose 1.01% to 9433.74 points.
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