European markets advance after major ECB stimulus package; telecoms jump 3% [CNBC]
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Source: CNBC
European markets traded higher Thursday morning after the European Central Bank launching a 750 billion euro ($820 billion) bond-buying program designed to help the region's economy through the coronavirus outbreak. After a mixed start, the pan-European Stoxx 600 On Wednesday, the "Pandemic Emergency Purchase gramme "The ECB will ensure that all sectors of the economy can benefit from supportive financing conditions that enable them to absorb this shock," the central bank said in a release. "This applies equally to families, firms, banks and governments. The Governing Council will do everything necessary within its mandate." The preliminary ifo Business Climate Index plummeted from 96.0 points in February to 87.7 points in March, the biggest drop since 1991 and bringing the index to its lowest level since August 2009. So far, markets have not been impressed with government pledges to tackle the virus. Global stocks fell Wednesday despite Western governments promising to unleash billi
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