LONDON: Europe's traders were sending European Central Bank chief Mario Draghi off in style on Thursday , raising the region's stocks to their highest in more than a year and nudging the euro towards its best month since January 2018.
"Draghi is in a situation where bond yields are higher and the collapse we saw over the summer is reversing, the euro has steadied itself and everything is fine, except for the PMIs of course," said Societe Generale's Kit Juckes."And he's handing over an empty monetary policy toolkit."The Swedish crown rose 0.7 per cent after the country's central bank said it was still planning to raise interest rates in December.
Alarming headlines since the first quarter of 2018 suggested poor Caterpillar earnings seemed to mean a recession was around the corner, RBC Capital Markets' chief economist Tom Porcelli said, but has never managed to arrive. EU member states on Wednesday delayed a decision on whether to grant Britain a three-month Brexit extension. Prime Minister Boris Johnson said if the deadline is deferred to the end of January, he would call an election.
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