|08-26-2014, 02:30 PM||#1|
European shares continue rally on stimulus hopes
European equity markets rallied on Monday, as expectations rose that the European Central Bank will go on with loosening its monetary policy with unprecedented measures to boost economic recovery.
The euro fell to near a one-year low against the dollar and yields on euro zone government debt fell to historic lows as investors took the view that ECB President Mario Draghi was prepared to use all available tools to foster growth.
In a landmark address to central bankers on Friday in Jackson Hole, Wyoming, Draghi suggested a major shift in ECB policy toward reviving growth and not focusing on austerity.
Speculation grew that the ECB was preparing a program of asset purchases to counter wilting inflation when it meets next week, driving yields on bonds from Germany, France, Italy, Spain, Portugal, Ireland and elsewhere to all-time lows.
European stocks rallied, and Wall Street followed, with the S&P surging to above 2,000 for the first time.
The S&P’s rise is powered by merger news and hopes that ultra-accommodative monetary policy will continue for some time.
- Stoxx 600 advanced 1.10 percent or 3.70points to 340.45
- Stoxx 50 advanced 2.16% or 66.97 points to 3165.47
Roche was moderately higher in Zurich. The Swiss pharmaceutical giant has agreed to buy US biotech company InterMune Inc. for $8.3 billion in cash, thus expanding Roche`s respiratory product portfolio.
Umicore SA lost 1.1 percent. The precious-metals recycler was cut to sell from hold at Deutsche Bank.
BMW, Daimler and Volkswagen were all higher.
Meanwhile, Lufthansa gained 0.3 percent. The airline`s management has called a decision by its labor union threatening a new round of strikes in a dispute over wages and early retirement benefits as "incomprehensible."
-The British FTSE 100 fell 0.04% or 2.41 points to 6775.25
-The French CAC 40 advanced 2.10% or 89.31 to 4342.11
-Frankfurt’s DAX 30 advanced 1.83% or 170.97 points to 9510.14
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