Australian Stock Report - Market Pulse

Morning market update: Draghi fires markets

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Publish date: Tue, 26 Aug 2014, 09:28 AM
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Welcome to MarketPulse, the Australian Stock Report's financial market blog. In the MarketPulse blog we aim to provide frequent updates on current events across the financial markets, including market wraps, articles in the news, opinions, reviews, financial education and finally our top tip of the week. The blog is published by the Australian Stock Report research and report editing team together with our very own "Passionate Trader", Carl Capolingua.

There was a rally on global markets overnight, ignited by dovish comments from ECB chief, Mario Draghi.

The S&P500 soared to a new record high, settling just two points shy of the 2000 barrier on comments from Draghi and M&A activity involving fast food giant, Burger King.

There similarly outsized gains in Europe, which followed Mario Draghi's statement at Jackson Hole, that further stimulus for the eurozone was on the cards.

His comments were given added weight by data that showed German business confidence declined more than expected in August, highlighting the need for more stimulus.

In commodity markets, oil extended its losses into a second session as concerns about global oversupply overshadow lingering tensions in the Middle East.

There were generally minor moves in currency markets. The exception was the euro, which slid to its lowest against the greenback in almost a year, amid prospects for further monetary easing by the ECB.

The post Morning market update: Draghi fires markets appeared first on Market Pulse.

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