ECB raises inflation forecasts, cuts growth outlook amid Ukraine conflict, as stock markets slide and Chelsea FC owner is sanctioned by Britain
A recap – Stock markets in Europe and the US are deep in the red as Wednesday’s rally proved short-lived. The UK’s FTSE 100 index has lost 110 points, or 1.5%, to 7,080, while the German and French markets have closed almost 3% lower, the Italian market has lost more than 4% and the Spanish index fell 1.3%. On Wall Street, the Dow Jones and S&P 500 are both trading 1.3% lower while the Nasdaq is down 2.2%.
The ECB’s announcement that it will terminate its asset purchase programme – a massive economic stimulus– sooner than expected has sent eurozone bond yields soaring. The central bank now intends to end it in the July to September quarter, depending on how economic data turn out, and said it would raise interest rates some time after that. Increases will be “gradual,” it said.
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