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European stocks boosted by Draghi

FXStreet (Córdoba) - European stocks rose Monday as sentiment improved after European Central Bank President Mario Draghi lifted expectations of further policy easing. Speaking at a symposium of central bankers in Jackson Hole, Draghi said late on Friday the ECB is prepared to respond with all its available tools if inflation continues to fall.

The Stoxx Europe 600 rose 0.61% to 338.81 in early trade Monday. The index gained 2.1% last week, the most since February. As for country-specific indexes the Germany’s DAX 30 advanced 1.13% while the France’s CAC 40 climbed 1.03%. Spain’s Ibex 35 added 0.83% while Italy’s FTSE MIB rose 0.97%. The UK market is closed today for a holiday.

In the macroeconomic domain, German IFO survey showed German economy continues to lose strength. Business climate index fell to 106.3 vs 107 expected in August while current assessment dropped to 111.1 versus 112.0 and expectations index slid to 101.7 vs 102.0.

In the currencies market, the US dollar continues to consolidate near multi-month highs after Fed Yellen not-so-dovish comments Friday.

As for commodities, gold shed 0.17% to $1,278 an ounce while crude oil was nearly flat at $93.61 a barrel.

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