Markets in Europe closed higher Thursday after the European Central Bank (ECB) announced that it plans to extend, but reduce, its bond-buying program.
The pan-European Stoxx 600 closed provisionally higher, with almost all sectors in positive territory following the announcement.
The STOXX 600 extended gains, after U.S. stocks started the trading day mostly in positive territory.
The ECB said it would be slashing the level of bond purchases in half from 60 billion euros ($70.7 billion) to 30 billion euros, with the move expected to start at the beginning of 2018. Following the announcement, the euro dropped against the U.S. dollar, trading down around 0.98 percent at $1.169 at 4:35 p.m. BST (11:35 a.m. ET).
In Draghi's introductory statement, he said that the monetary policy decisions made Thursday were taken to preserve the "very favorable financing conditions that are still needed for a sustained return of inflation rates towards levels that are below, but close to, 2 percent."
Source: Bloomberg Pro Terminal
Jr Trader Alexander Kumanov
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