Markets rally as Mario Draghi signals eurozone upturn

The ECB has pledged to keep its aggressive stimulus policy at least until the end of the year, but markets leaped higher as it signalled there was less of a need to prop up growth and inflation in the eurozone.

President Mario Draghi yesterday said the ECB had removed one phrase from his standard introductory statement that pledged it would act “using all the instruments available within its mandate” if needed to achieve its objectives.

That was enough to send German 10-year bond yields up 5 basis points, while the euro rose to just over 87p and to $1.06, up more than half a percent on the day.