Global Stocks Continue Rally, As Response To Spanish Crisis Kicks In
EL PAIS, REUTERS, BLOOMBERG, IL SOLE 24 ORE
TOKYO, LONDON, MADRID - Markets rallied in Asia and Europe on Thursday, with all eyes on the response to a gathering financial crisis in Spain.
The Spanish Central Bank successfully auctioned more than 2 billion euros in medium and long-term bonds, El Pais reported, adding a shot of confidence to show both Spain and Europe as a whole are committed to heading off a major crisis in the euro zone's fourth-largest economy.
Bloomberg reported European stocks (Stoxx Europe 600 Index) have continued their biggest rally in six months, extending Wednesday's 2.3% gain.
Earlier, Asian shares closed at one-week highs, with investors apparently satisfied that Europe was addressing the Spanish banking crisis. But Reuters cautioned that the good performance should be seen more as a "bounce...than a turning point."
Italian financial daily Il Sole 24 Ore noted Milan's morning rally leading European bourses, with a 3.5% rise in early trading, in response to European Central Bank Governor Mario Draghi's activism to shore up the euro zone's weakest links.