European
stocks fell after Mario Draghi said the European Central Bank will
gauge the need for further stimulus early next year, quelling
speculation the lender would start buying sovereign bonds soon.
The
Stoxx Europe 600 Index slid 1.3 percent to 344.84 at the close of
trading in London. The ECB also lowered its forecasts for euro-area
inflation and gross domestic product through 2016. The stocks gauge
gained as much as 0.5 percent, before losing as much as 1.4 percent.
The
Stoxx 600 rallied 13 percent from a low in October through yesterday
amid optimism the ECB will eventually embark on government-bond
purchases, while central banks in China and Japan boosted stimulus.
Since June, the central bank has cut interest rates twice, offered cheap
loans to banks to spur lending and started purchase programs for
covered bonds and asset-backed securities.
The ECB and the Bank of England left their interest rates unchanged, as predicted by economists in a Bloomberg survey.
Source : Bloomberg
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