|08-27-2014, 01:57 PM||#1|
European shares maintain ECB-fueled rally
European stock markets rallied on Tuesday on expectations of increased stimulus from the European Central Bank and after strong U.S. data.
Speculation grew that the European Central Bank is preparing a program of large-scale asset purchases to weaken the euro and try to jump-start growth in the struggling euro zone.
Those expectations have bolstered European bond and stock markets since Friday, when ECB President Mario Draghi hinted at a policy shift in a speech in Jackson Hole, Wyoming.
- Stoxx 600 advanced 0.77 percent or 2.62 points to 343.08
- Stoxx 50 advanced 1.01% or 32.07 points to 3197.54
The banking sector posted some of the biggest gains in Europe, fueled by the hopes of asset purchases by the ECB. Shares of BNP Paribas SA climbed 2.1% in Paris, Deutsche Bank added 2% in Frankfurt and UniCredit SpA jumped 2.3% in Milan.
Strong U.S. data on durable goods orders and consumer confidence underpinned gains in U.S. stocks. Data showed U.S. consumer confidence rose more than expected in August, climbing to its highest since October 2007.
U.S. durable goods orders jumped 22.6 percent in July, the biggest gain on record, though the number was skewed by strong international demand for aircraft. Excluding transportation, orders fell 0.8 percent.
France was technically without a government on Tuesday after the existing government was dissolved on Monday, following a cabinet disagreement about fiscal tightening measures. A new government is expected to be announced later on Tuesday.
-The British FTSE 100 advanced 0.70% or 47.51 points to 6822.76
-The French CAC 40 advanced 1.18% or 51.30 to 4393.41
-Frankfurt’s DAX 30 advanced 0.82% or 78.01 points to 9588.15
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