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Shares in the euro zone climbed on Thursday, approaching its 6-year high as the European Central Bank finally announced its sanctions on its policies and a laid out strategies to combat low inflation in the region. The countermeasures are also expected to hike the currency of economy.
The ECB set a 400 billion euro budget intended to stimulate loans to banks whose asset qualities face tough scrutiny. It also lowered rates that required banks to deposit cash at the central bank. Banks in the euro zone increased 1.3% after the announcement. These banks are dependent on the state of the domestic economy and their earnings as well as stress tests done by the ECB.
Euro STOXX index is up by 0.4% to 344.99 pips, previously setting a six-year high of 333.80 backed by the ECB's defensive plans to stimulate the economy. Blue-chip Euro STOXX 50 gained 0.9% to finish at 3,267.05 pips. Germany's DAX index was also lifted by the ECB announcement reaching an all-time high of 10,013.69 then finishing the session still up by 0.2% at 9,947.83 pips.
European indexes soared after predictions in the ECB proved to be mostly correct.
