European stock markets First hour: Stocks rebound, German DAX at new all-time high
European stocks rebound from the recent selloff on Wednesday despite the slump on Wall Street yesterday. The Quantitative Easing of the ECB, its massive bond-buying program worth euro 60 billion a month, started on Monday buying German, Belgian, French, Italian and Spanish bonds this week lend support to the stock markets.
Continuing uncertainty over Greece weighs on the markets. On Monday ECB president Mario Draghi urged Greek officials to let return Eurozone-representatives to Greece in order to examine the government's books as a precondition for further financial aid. Greece agreed on allowing experts from the ECB and IMF to start their work today. Yesterday German Finance Minister Wolfgang Schäuble said that Greek officials must stop wasting time and work on the planned reforms.
Final data on French Non-Farm Payrolls for the fourth quarter came in in-line with expectations and unchanged from a previous reading at 0.0%.
The FTSE 100 index is currently trading +0.40% quoted at 6,729.93. Germany's DAX 30 added +0.95% trading at 11,609.46, France's CAC 40 is currently trading at 4,940.95 points, +1.21%.
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- The sentix overall index for Euro Area fell again in November from 11.4 to 8.8 points
- UK consumer credit increased by £0.8bn in September
- Spanish unemployment continues at its lowest levels in the last 9 years