European shares were higher in morning trade on Monday following a key speech by Mario Draghi, the president of the European Central Bank (ECB), who delivered a dovish tone on Friday, and stressed that more stimulus could be announced soon.
Symbol
|
Name
|
Price
|
Change
|
%Change
|
Volume
| |
|---|---|---|---|---|---|---|
| FTSE | FTSE 100 Index | 6775.25 | -2.41 | -0.04% | 571522616 | |
| DAX | DAX Index | 9435.04 | 95.87 | 1.03% | 4893886 | |
| CAC 40 | CAC 40 Index | 4287.84 | 35.04 | 0.82% | 13490683 | |
| IBEX 35 | IBEX 35 Idx | 10579.90 | 79.70 | 0.76% | 26803176 |
Draghi speaks
The German DAX and the French CAC were sharply higher on Monday morning, both up around 1 percent, while the U.K.'s FTSE 100 is closed for a bank holiday.
Investors reacted to words by Draghi who, speaking after markets closed on Friday, expressed confidence that the stimulus already announced and a weaker euro would help the euro zone economy, but noted the ECB was ready to do more if needed.
Market watchers widely cheered his comments, with Barclays analysts calling the event a "major breakthrough".
"ECB President Mario Draghi's speech at Jackson Hole last Friday was a major event and marked a turning point in ECB rhetoric. He called for action on both demand- and supply-side policies and urged European governments to deepen fiscal coordination and speed up structural reforms," Philippe Gudin, from the U.K. bank, said in a note late Sunday.
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