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- European stock markets mid-session: Stocks rally on euro at 12-year low and QE
European stock markets mid-session: Stocks rally on euro at 12-year low and QE
European stocks rebound from the recent selloff on Wednesday despite the slump on Wall Street yesterday. The Quantitative Easing of the ECB, its massive bond-buying program worth euro 60 billion a month, started on Monday buying German, Belgian, French, Italian and Spanish bonds this week lend support to the stock markets. In addition the broadly weaker euro, hitting a 12-year low against the greenback, boosts exporter shares.
Continuing uncertainty over Greece weighs on the markets. Yesterday German Finance Minister Wolfgang Schäuble said that Greek officials must stop wasting time and work on the planned reforms. Talks of EU finance ministers continue today in Brussels. They discuss Greece's planned reforms.
Final data on French Non-Farm Payrolls for the fourth quarter came in in-line with expectations and unchanged from a previous reading at 0.0%.
Data on Manufacturing Production in the U.K. dropped unexpectedly, Industrial Production also declined.
The FTSE 100 index is currently trading +0.07% quoted at 6,707.45. Germany's DAX 30 added +1.66% trading at 11,691.72 setting a new all-time high at 11,718,41 points. France's CAC 40 is currently trading at 4,971.12 points, +1.83%.
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