European Stocks. First hour: Indices mixed after Greek election – DAX up before IFO data
Last week European indices were boosted after the European Central Bank unveiled plans for a large scale quantitative easing program of 60 billion euro a month starting from March 2015 until September 2016 - a stimulus program well above expectations. On Monday indices retreated as market sentiment weakened after the anti-austerity party Syriza only fell short of 2 seats of an absolute majority in Greek parliament. The result fuelled concerns over political and economic instability in the Eurozone although Alexis Tsirpas, the new Greek Prime Minister, has pledged to keep Greece within the monetary union but wants to renegotiate Greek debt.
The commodity heavy FTSE 100 index is currently trading -0.36% quoted at 6,808.08 points weighed down by losses in mining and energy shares. Germany's DAX 30 added +0.25% trading at 10,676.36 after retreating from an all-time high. France's CAC 40 declied by -0.02%, currently trading at 4,639.66 points.
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