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European stocks advance and Italian bonds rally after ECB move – MarketWatch

European stocks opened higher on Thursday after the European Central Bank announced a new bond-buying program, with the Euro Stoxx 50
SX5E,
-1.54%

up 0.6% and the French CAC 40
PX1,
-1.50%

rising 1.2%. The ECB said it would buy private and public sector securities worth 750 billion euros in what it labelled the Pandemic Emergency Purchase Program. The ECB move had a big impact on Italian government bonds, with yields falling 82 basis points on the Italian 10-year to 1.54%. Yields move in the opposite direction to prices. Meanwhile, the U.S. Federal Reserve announced a program to support money-market mutual funds, and the U.S. Senate approved the House-passed coronavirus legislation which grants sick leave to hourly employees and expands unemployment insurance, as negotiations continue on a broader stimulus package.

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