European stocks rocket ahead of ECB, FTSE unmoved by UK PMI

FXStreet (Mumbai) – European stocks extending their opening gains and keeps pushing higher as markets digest the latest series of services PMI reports from across the Euro zone. However, the ECB meeting and Draghi’s press conference later today remains the main highlight.

Meanwhile, the traders from the UK seem to have completely ignored the poor UK’s services PMI report as the FTSE remains little impacted by the news and rallies 1.91% to 6,197 points, leading its European rivals higher.

In Britain, the services reading hit 55.6 points for the eight month of the year, its 27-month low, following July’s 57.4, and missing the gauge of 57.7 projected by analysts.

While Germany’s DAX 30 index gains 1.77% to trade at 10225. Among the other indices, the French CAC 40 index is up 1.54% to 4,625, while the pan-European Euro Stoxx 50 index advances 1.43% to 3,245.

Focus now shifts towards the ECB policy meeting where the central bank is expected to keep its interest rates unchanged at today, but the press conference of bank President Mario Draghi will be closely eyed.

European stocks extending their opening gains and keeps pushing higher as markets digest the latest series of services PMI reports from across the Euro zone. However, the ECB meeting and Draghi’s press conference later today remains the main highlight.

(Market News Provided by FXstreet)