2014.06.0608:04:01UTC+00European shares on its eight-week gain backed by ECB and Spain

The recent European Central Bank meeting has euro zone stock on a high with Spanish blue chips leading the market to gain for the eighth straight week. On Friday, ECB eased monetary policies on various platforms encouraging several stocks on the market although most are still cautious for the US jobs data that will come out on Friday.

The FTSEurofirst 300 Index went up by 0.1% while banks were up 0.8%. Realizing the predictions and even surpassing predictions on the ECB ratifications boosted the European stocks since the FTSEurofirst 300 Index rising on its 11-week streak in the middle of 2012. This decision was hinted when ECB President Mario Draghi promised to do what it takes to save the euro.

The periphery banks on the euro zone were on the rise after ECB stimulus pushing Spanish shares to go up by 0.4%. However, Italian shares went down.

Veronika Pechlaner of Ashburton Investments indicated that the one thing missing in ECB President Mario Draghi's announcement was a jab at bond purchases but emphasized that the absence of it is understandable as it was an act for last resorts. Nevertheless, the announcement was a sigh of relief for European banks.

The job data to be announced on Friday would have significant effect on the market.