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European shares rally on short-covering, Draghi's remarks

News Date: 21/1/2016 09:42:32
 
European stocks jumped on Thursday after a long series of tumbles that pummeled it to 13-month lows yesterday. The recovery found support after ECB's president Draghi said he expects rates at present or lower levels for an extended period of time, and that downside risks have increased again and the central bank needs to review, possibly reconsider policy stance at the next meeting.

The pan-European index FTSEurofirst rallied 1.50% to 1.285, while Germany's DAX added 177 points, or 1.90% to trade at 9,572. France's CAC rose 66 points, or 1.64% to 4,192, while Britain's FTSE advanced 72 points, or 1.32% to 5,748, after getting buoyed by a 14% surge in Pearson stocks that was fueled by the cost-cutting measures the publishing company announced earlier.

Wall Street opened higher in tandem with their European counterparts, with Dow Jones adding 60 points, or 0.40% to trade at 15,824. NASDAQ climbed seven points, or 0.15% to 4,478, while S&P 500 powered up five points, or 0.30% to 1,864.

Euro tumbled to a two-week low versus the dollar after Draghi's comments, before modestly pulling back to 1.0818, still down a heavy 0.70%. The common currency edged down 0.13% against sterling to 0.7664, while nosediving to an eight-month trough against the yen at 126.76, down 0.40% for the day.

Dollar benefited from its trans-Atlantic rival's weakness, muscling up 0.40% against a basket of major currencies to 99.55, while plumbing an impressive seven-year peak against sterling at 1.4111, up a solid 0.55%.

Oil prices had a small rebound but remained close to 12-year lows, with Brent futures inching up 0.18% to $27.95 a barrel, while U.S. crude recorded a tiny loss of 0.12% to move around $28.36 a barrel.

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