Overseas Trading: Europe Sits Out Sell-Off After ECB

The European Central Bank's (ECB) decision to maintain interest rates is providing a lift to stocks

by Josh Selway

Published on Jan 21, 2016 at 8:40 AM
Updated on Jan 21, 2016 at 8:47 AM

Asian stocks were unable to hold early advances, as indexes again panned new lows in the wake of Wall Street's latest sell-off. Specifically, China's Shanghai Composite closed with a 3.2% loss -- dipping mid-session to levels not seen since December 2014 -- despite a massive cash injection by the People's Bank of China. Worse, Hong Kong's Hang Seng flirted with a three-year low, eventually settling 1.8% lower. Already in bear-market territory, Japan's Nikkei gave back another 2.4% after Bank of Japan Governor Haruhiko Kuroda tempered hopes of additional monetary easing, while South Korea's Kospi landed 0.3% lower. 

Conversely, European bourses are testing positive territory at midday. Helping stocks is the European Central Bank's (ECB) decision to stand pat on interest rates. Traders are now digesting a speech from ECB President Mario Draghi, which is currently underway. Germany's DAX was leading the way at last check with a 0.9% lead. Close behind is France's CAC 40, which is up 0.7%, while London's FTSE 100 is 0.6% higher. 


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