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Europe close: Stocks up on expectations for accelerated ECB bond buying

Thu, 22nd Apr 2021 20:04

(Sharecast News) - European shares moved back towards record territory on Thursday after the European Central Bank said it would accelerate its bond purchases and that rate-setters were not discussing phasing out their stimulus.
Mostly positive corporate updates also buoyed investor sentiment.

Against that backdrop, the pan-European Stoxx 600 index rose 0.68% to 439.63, alongside a 0.82% advance for the German Dax to 15,320.52, while the FTSE Mibtel climbed 0.98% to 24,398.41.

"European markets have been cheered by the continued dovish stance of the ECB and their decision to 'significantly' increase the pace of bond purchases for the second quarter," said IG chief market analyst Chris Beauchamp.

"This has, unsurprisingly, put pressure on the euro, which has edged back against the US dollar, but overall the continued support for the eurozone economy has bolstered investor enthusiasm for eurozone assets."

In equity news, shares in Nestle added 3% after the company reported its strongest quarterly sales growth in 10 years, helped by demand for coffee, dairy and petcare products.

AB Volvo shares were up as the Swedish truck maker beat market expectations for first-quarter core earnings on the back of surging demand.

Centamin shares rose as the miner maintained full year output and reported higher quarter-on-quarter gold production due to improved mining grades.

Credit Suisse fell 2%, paring what at one point was a 7% decline, after it posted a 757 million Swiss franc pre-tax loss in the first quarter, as the Archegos hit wiped out trading gains and the investment bank announced a $2bn capital raise.

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