- Title: Stocks rise, euro bows for Draghi's farewell
- Date: 24th October 2019
- Summary: FRANKFURT, GERMANY (OCTOBER 24, 2019) (REUTERS) VARIOUS OF TRADER WATCHING DRAGHI'S FINAL NEWS CONFERENCE AS ECB PRESIDENT DAX HIGH ON BOARD VARIOUS OF TRADER DAX CHANGING ON BOARD VARIOUS OF TRADERS FRANKFURT STOCK EXCHANGE LOGO HEAD OF SPECIALIST FLOOR EQUITIES AT ODDO SEYDLER BANK, OLIVER ROTH, TALKING VARIOUS OF DAX GRAPH (SOUNDBITE) (German) HEAD OF SPECIALIST FLOOR EQUITIES AT ODDO SEYDLER BANK, OLIVER ROTH, SAYING: "What Mario Draghi shared in his news conference is a piece of what the markets already knew. It was clear that for the future Mario Draghi would no longer be the decision-maker, rather it would now be up to his successor Lagarde. The market already supposed that the interest rate policy will now be led by Ms. Lagarde accordingly." DAX GRAPH ON BOARD TRADERS (SOUNDBITE) (German) HEAD OF SPECIALIST FLOOR EQUITIES AT ODDO SEYDLER BANK, OLIVER ROTH, SAYING: "Mario Draghi is certainly one of the most criticised people in Europe. The bottom line is, I find it relatively unfair because in the middle of the ECB, he stabilised the euro, he took over tasks from central banks, what state governments should have done themselves, like structural changes, fiscal policy in favour of the economy. Ultimately, Mario Draghi had to take on all that with the ECB. I think the bottom line is he was a great crisis manager, and his 'whatever it takes' will surely become a legend." TRADER (SOUNDBITE) (German) HEAD OF SPECIALIST FLOOR EQUITIES AT ODDO SEYDLER BANK, OLIVER ROTH, SAYING: "Ms. Lagarde certainly has big shoes to fill, and among other things, Mr. Draghi shot a little more powder in his second-to-last interest rate meeting. Once again called for loan buying. Once again pushed interest rate policy, once again sunk negative interest rates. At the end of the day, all that has made sure Ms. Lagarde actually has significantly less wiggle room to cope with future crises." TRADER FRANKFURT STOCK EXCHANGE LOGO TRADERS TRADING FLOOR
- Embargoed: 7th November 2019 13:46
- Keywords: European Central Bank Mario Draghi monetary policy interest rates Christine Lagarde
- Location: FRANKFURT, GERMANY
- City: FRANKFURT, GERMANY
- Country: Germany
- Topics: Economic Events
- Reuters ID: LVA001B2GG39P
- Aspect Ratio: 16:9
- Story Text: Europe's traders were sending European Central Bank chief Mario Draghi off in style on Thursday (October 24), raising the region's stocks to their highest in more than a year and nudging the euro towards its best month since January 2018.
Upbeat earnings from Microsoft and Mercedes maker Daimler, along with a ceasefire in northern Syria had also lifted the mood, though trade and Brexit uncertainties and some below-par German data prevented more sizeable gains.
Mario Draghi's final news conference as ECB president brought little new news. The bank said last month it would restart stimulus.
There won't been any champagne in Frankfurt though. Inflation remains well below the ECB's target and the purchasing manager data had shown business activity in the euro bloc stagnating again in October.
Germany's export-dependent manufacturing sector also remained in contraction, suggesting a third-quarter slowdown in Europe's largest economy could stretch into the closing months of the year.
(Production: Andreas Buerger, Tilman Blasshofer, Barbara Woolsey)
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