Market Updates
ECB Lifts GDP Outlook, BoE Leaves Rate, Bond Program Unchanged
Nigel Thomas
05 Sep, 2013
New York City
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The European Central Bank lifted its outlook for GDP in the current year to a shrinkage of 0.4% from the earlier estimate of 0.6% in June.
In London, FTSE 100 index increased 49.13 to 6,526.87 and in Frankfurt, DAX index gained 24.13 to 8,220.05.
The European Central Bank lifted its outlook for GDP in the current year to a shrinkage of 0.4% from the earlier estimate of 0.6% in June.
The central bank also lowered its estimate for the economic growth in the next year to 1% form 1.1% and President Mario Draghi reiterated inflation outlook below central bank’s target of 2%.
Bank of England left its key interest rate on hold at 0.5% and left its bond buying program intact at 375 billion bonds.
The yield on 10-year UK gilt increased to a 2-year high to 2.95% and pound rose to $1.566.
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