In Europe: Euro, stocks rise to session highs on ECB report

5 September 2012

Who says the fun stops after summer? Look out, volatility ahead!

The euro and European stocks rose on Wednesday on media reports that the European Central Bank would, with broad support from its council members, unveil an unlimited, sterilised programme of bond purchases.

“There are headlines coming out saying that Draghi’s bond plan is to pledge unlimited, sterilised buying and that’s what’s moving the market but there’s no source,” a bonds trader said.

German Bund futures shed 51 ticks, falling to a session low of 142.99 while the FTSEurofirst 300 index of top European shares was up 0.4 percent at 1,083.43 points.

The euro jumped to a session high of $1.2596 from around $1.2548 on the report. Sterling also rose to a 3-1/2 month high of $1.5933.


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