European stocks rise in early trading, possibly on ECB stimulus

By FXStreet European stocks have got off to a flying start, with major indices trading 1.5%-2% higher on the day possibly due to ECB stimulus and rise in oil prices.

At the time of writing, Germany’s DAX was up 1.9%. UK’s mining heavy FTSE index traded 1.4% higher. France’s CAC index was up 2% as well. The pan-European blue chip Stoxx 50 index was almost 2% higher.

Despite oil price strength, Norway’s Seadrill and UK’s Petrofac were down 3.3% and 2.6% respectively. Meanwhile, Italy’s Intesa Sanpaolo and Unicredit shares were up 5.5% each.

The buying interest may have spiked in response ECB’s stimulus. Moreover, markets may have overreacted yesterday to Draghi’s slightly hawkish take on the future course of interest rates.
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Source:: FX Street