European stocks rose the most in more than six weeks as a weaker euro boosted exporters.
The
Stoxx Europe 600 Index added 1.5 percent to 395.48 at the close of
trading. Automakers led gains as the single currency traded near a
12-year low and headed for a record quarterly drop. France’s CAC 40
Index and Germany’s DAX Index posted the biggest advances of 18
western-European markets.
Euro-area
central banks have bought German, Belgian, French, Italian and Spanish
bonds this week, sending borrowing costs across Europe to record lows.
The purchases are part of the European Central Bank’s asset-buying
program, known as quantitative easing. ECB President Mario Draghi said
today that they will push inflation in the euro area back toward its
goal.
A weak euro makes European goods cheaper to buy oversees, boosting demand and generally translating into more sales.
The
Stoxx 600 had fallen 1.2 percent through Tuesday from a seven-year
closing high on March 6, as energy shares slid, and concern grew the
Federal Reserve is nearing an interest-rate increase. The Fed next meets
on March 17-18.
Source : Bloomberg
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