European stocks have got off to a flying start, with major indices trading 1.5%-2% higher on the day possibly due to ECB stimulus and rise in oil prices.
At the time of writing, Germany’s DAX was up 1.9%. UK’s mining heavy FTSE index traded 1.4% higher. France’s CAC index was up 2% as well. The pan-European blue chip Stoxx 50 index was almost 2% higher.
Despite oil price strength, Norway’s Seadrill and UK’s Petrofac were down 3.3% and 2.6% respectively. Meanwhile, Italy’s Intesa Sanpaolo and Unicredit shares were up 5.5% each.
The buying interest may have spiked in response ECB’s stimulus. Moreover, markets may have overreacted yesterday to Draghi’s slightly hawkish take on the future course of interest rates.
(Market News Provided by FXstreet)
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