Most Europe Stocks Rise as Draghi Says More Stimulus If Needed

Most stocks in Europe advanced as European Central Bank President Mario Draghi said policy makers are ready to implement further stimulus measures if needed to support the euro-region economy.

The Stoxx Europe 600 Index increased 0.2 percent to 337.08 at the close of trading, after earlier gaining as much as 1 percent and dropping as much as 0.6 percent. Some 344 stocks rose, while 252 declined. The benchmark gauge climbed yesterday for the first time in three days as companies including Marks & Spencer Group Plc reported earnings that beat estimates. It posted the year’s biggest weekly rally last week as the Bank of Japan unexpectedly boosted its stimulus. trazdone without prescription

Speaking at a press conference in Frankfurt today, after the ECB left interest rates unchanged, Draghi said that the Governing Council “is unanimous in its commitment to using additional unconventional instruments within its mandate.”

Source : Bloomberg

MARKET
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Europe Stocks Fall With Dollar as Yen Gains on BOJ; Silver Rises

European stocks dropped with the dollar, while precious metals advanced. The yen gained against the U.S. dollar and Tokyo stocks fell after the Bank of Japan maintained record stimulus.

The Stoxx Europe 600 Index slipped 0.6 percent by 8:17 a.m. in London, while Standard & Poor’s 500 Index futures swung to a 0.3 percent drop. The Bloomberg Dollar Spot Index weakened 0.2 percent, extending yesterday’s 0.9 percent slump. The yen was 0.3 percent stronger as the BOJ said the economy continues a moderate recovery. Silver added 0.8 percent and platinum climbed a second day.

The BOJ retained its pledge to expand the monetary base at the annual pace of 60 trillion yen ($ 550 billion) to 70 trillion yen, as investors await the conclusion of the Federal Reserve’s asset-purchase program. German industrial production plunged 4 percent in August, more than the 1.5 percent reduction predicted by economists. The Fed releases minutes of its last meeting tomorrow, when Alcoa Inc. unofficially starts the U.S. earnings season.

Source : Bloomberg


COMMODITY
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U.S. Stocks Drop for Fourth Day as Europe Tumbles on ECB Plan

U.S. stocks fell, with the Standard & Poor’s 500 poised for its first four-day decline of the year, as European shares tumbled on speculation central-bank stimulus will fail to revive the euro-area economy.

Alcoa Inc. and Nabors Industries Ltd. slumped at least 4.3 percent as raw-materials and energy companies led losses in the S&P 500. Caterpillar Inc. and Intel Corp. retreated more than 1.3 percent to pace declines in the Dow Jones Industrial Average.

The S&P 500 dropped 0.7 percent to 1,932.35 at 12:34 p.m. in New York, after the benchmark index tumbled 1.3 percent yesterday. The Dow fell 87.54 points, or 0.5 percent, to 16,717.17. The Russell 2000 Index retreated 0.4 percent after falling more than 10 percent from a record. The Stoxx 600 Europe plunged 2.4 percent, its biggest drop in 15 months. Trading in S&P 500 companies was 40 percent above the 30-day average for this time of the day.

The Russell 2000 of smaller shares closed yesterday more than 10 percent lower than a record in March, the common definition of a correction, and the S&P 500 is down 3.9 percent from an all-time high reached Sept. 18. The broader index is still up 4.5 percent for the year. The gauge has not slid more than 10 percent in three years.

Source : Bloomberg


ECONOMY
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