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US and European stocks rebound after Draghi signals fresh stimulus

Currency, US and European Stocks Rebound - SantanderCB

Mario Draghi indicated yesterday that the European Central Bank is prepared to launch a new round of monetary stimulus as early as March, in a move that helped US and European stocks to rebound after their recent heavy losses. While the ECB governing council kept its benchmark main refinancing rate and deposit rate unchanged at 0.05% and minus 0.3% respectively, Draghi said the bank would 'review and possibly reconsider' its monetary policy stance at its next meeting in six weeks' time. The ECB has 'the power, the willingness, the determination to act' and 'there are no limits to our action' to bring inflation up to its target of just below 2%, he said. His comments sent the S&P 500 up 1.4%, while the pan-European Stoxx 600 index closed up nearly 2%. The euro fell 1% after Draghi's unexpectedly strong comments, and there was a slight rise in oil prices to above $30 a barrel.

 

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