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European stocks rally on ECB, BoE stimulus pledges
2013年7月4日 / 下午4点35分 / 4 年前

European stocks rally on ECB, BoE stimulus pledges

* FTSEurofirst 300 up 2.44 percent, biggest rise in 11
months
    * ECB, BoE stance boosts case for Europe over U.S. - ING IM
    * EuroSTOXX 50 breaks above 200-day moving average

    By Toni Vorobyova
    LONDON, July 4 (Reuters) - European stocks posted their
biggest one-day jump in 11 months on Thursday after central
banks in Britain and the euro zone signalled that, unlike the
United States, they are in no hurry to unwind stimulus.
    The Bank of England, under new governor Mark Carney,
surprised markets by saying investors had been too quick to
price in future rises in interest rates. 
    European Central Bank President Mario Draghi then said rates
would remain low and might be cut further, while the exit from
stimulus was very distant. 
    The comments offered reassurance to equity markets spooked
in recent weeks by signs that the U.S. Federal Reserve is for
its part moving closer to scaling back stimulus. 
    "That's clearly another tick in the box in favour of
European equities relative to U.S. equities," said Patrick
Moonen, senior equities strategist at ING Investment Management.
    "We closed the underweight (on European equities) a couple
of days ago and the next step is to go overweight Europe versus
the U.S., based on valuation, based on relative economic
indicators and based on relative monetary policy."
    The FTSEurofirst 300 rallied 2.44 percent to 1,178.99 points
- its biggest rise since August 2012. Britain's FTSE
100 climbed 3.1 percent to 6,421.67 points. 
    The Euro zone's EuroSTOXX 50 benchmark gained 3 percent to
2,646.54 points with volumes at 104 percent of the
90-day daily average despite a U.S. public holiday.
    Banks - which are the most direct beneficiaries of ample
central bank liquidity and access to cheap funds - were among
the top performers, rising 3.8 percent.
    Areas which would benefit from stimulus-driven economic
recovery, such as autos, basic resources and
retailers also did very well, but the rally was
broad-based with every sector in the black by more than 1
percent.
    A further boost came from Portugal, where the prime minister
and his coalition partner were said to be making progress
towards defusing a political crisis that had raised fresh
questions about the durability of the euro zone. 
    "As long as Portuguese bond yields start heading back down
again and we don't see contagion into the rest of the periphery,
my expectations is that Europe slowly gets better from here,"
said Alistair Gunn, fund manager at Jupiter.
    Implied volatility on EuroSTOXX 50 - a crude barometer of
investor risk aversion - fell 5.8 percent.
    The rally took the EuroSTOXX 50 through technical resistance
at its 200-day moving average.
    "It looks like the bulls are taking back control," said
Chris Wright, technical analyst at Informa Global Markets.

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