European markets surge on Draghi's monetary policy comments

ECB chief says rates to stay low as long as necessary

European markets surge on Draghi's monetary policy comments

Milan, July 4 - Markets advanced across Europe on Thursday, paced by Milan's FTSE-Mib index, as stocks reacted to comments made by European Central Bank chief Mario Draghi, who indicated the ECB plans to maintain an accommodating monetary policy going forward. Draghi, who was speaking at a press conference at the central bank's headquarters in Frankfurt, said he expected interest rates to remain at their current levels, or even at lower ones, for as long as necessary. Milan's FTSE-Mib index gained 3.4% to close at 15,800 points. The yield spread between 10-year Italian bonds and the German benchmark equivalent, a barometer of Italy's borrowing costs in the eurozone crisis, closed at 274 points with 10-year yields at 4.4%. The Frankfurt Dax bourse gained 2.1% to close at 7,994 points, while the Paris Cac 40 Index advanced 2.9% to 3,809 points. Madrid's Ibex index gained 3% to close at 8,002 points. London's Ftse-100 stock market advanced 3% to 6,421 points.

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