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19 May 2015
European stocks climb to three-week high
FXStreet (Mumbai) - The stock markets across Europe climbed to a three-week high after the European Central Bank (ECB) member said it intends to accelerate bond buying in May and June.
Stoxx Europe 600 index climbed 1.58% to 404.38. Auto shares led the advance, with Volkswagen AG and Renault SA having gained more than 2% each after a report showed European car sales rose 6.9% last month for the 20th straight increase.
The stock markets were boosted after the text of a speech by Executive Board member Benoit Coeure in London revealed the ECB intends to buy more euro-area assets ahead of an expected period of low liquidity in the summer.
Greece’s ASE Index climbed 1.7%, extending Monday’s gains after finance minister Varoufakis said the country is close to reaching a deal with its international creditor. Meanwhile, the German Dax gained more than 2% to trade at 11837.00.
Stoxx Europe 600 index climbed 1.58% to 404.38. Auto shares led the advance, with Volkswagen AG and Renault SA having gained more than 2% each after a report showed European car sales rose 6.9% last month for the 20th straight increase.
The stock markets were boosted after the text of a speech by Executive Board member Benoit Coeure in London revealed the ECB intends to buy more euro-area assets ahead of an expected period of low liquidity in the summer.
Greece’s ASE Index climbed 1.7%, extending Monday’s gains after finance minister Varoufakis said the country is close to reaching a deal with its international creditor. Meanwhile, the German Dax gained more than 2% to trade at 11837.00.