|09-05-2014, 12:34 AM||#1|
E.U shares climb to a two-month high after ECB’s decision
European shares managed to jump to a to a two-month high after ECB’s decision to cut interest rates as well as start buying securitized debt brought investors out from the sidelines.
The European Central Bank slashed its benchmark interest rates to fresh record lows, attempting to prevent low inflation from taking further toll on the slowing economic growth.
The market consensus was shocked again by the ECB announcing a second round of 10-point cuts to its three key interest rates at the September meeting on Thursday, marking its second surprise decision to a looser monetary policy in just four months -- all in bid to shore up the euro amid rising geopolitical risks from the peripherals as inflation rates continues to hit rock bottoms across the region.
Unexpectedly, the ECB’s Governing Council, chaired by Mario Draghi, voted to cut its three key interest rates, as follows:
- Main refinancing operations rate cut to 0.05% from 0.15%
- Marginal Lending rate cut to 0.30% from 0.40%
- Deposit rate cut to -0.20% from -0.10%
- London`s FTSE 100 climbed by 0.06% to 6877.97
- Paris`s CAC 40 rose by 1.65% to 4497.94
- Frankfurt`s DAX 30 inclined by 1.02% to 9,724.26.
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