Europe: Earnings relief spurs gains with no surprises from Draghi's last act

With no fireworks from European Central Bank chief Mario Draghi's last policy meeting on Thursday, encouraging results from German heavyweights and British drugmaker AstraZeneca drove European stocks to their strongest close since January 2018.

Shares of trade-sensitive automakers and chemical companies, which have taken a toll from a bruising US-China trade war and signs of slowing global growth, rose 1.1 per cent and 0.8 per cent, respectively.The pan-European stocks index rose 0.6 per cent to 397.37, its strongest closing level in over 20 months.

European markets entered the third quarter earnings season this month in nervous form, with signs that Germany was heading into recession weighing on expectations for growth across the region. At the last press conference of Mr Draghi's eight-year tenure, the man credited with saving the euro from collapsing kept the door open to even more easy money, days before he hands the reins over to Christine Lagarde on Oct 31.

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