LONDON, May 19 (Reuters) – European shares gained ground on Tuesday after a senior official of the European Central Bank said the ECB will advance a program purchase of bonds, intended to boost growth over the next two months.
Benoit Coeure, a member of the steering committee of the ECB, said the agency would advance bond purchases in May and June due to low market liquidity in July and August.
Coeure added that recent debt sales was a normal correction, but the speed of adjustment was worrisome and indicated an “extreme volatility” in the market.
Coeure comments pressured the euro lower and boosted European stocks. The pan-European FTSEurofirst 300 index rose 1.3 percent, while Germany’s DAX was up 1.6 percent.
Among individual titles, the media group
Reed Elsevier rose 2.2 percent after Goldman Sachs raised its rating to “buy” from “neutral”.
However, Vodafone fell 1.9 percent and some traders said that the results of the mobile operator had been slightly below expectations even though Vodafone again posted an increase in quarterly sales.
(Reporting by Sudip Kar-Gupta editing by Madrid;. Edited by Carlos Aliaga via Mesa Santiago)
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