European Central Bank announces fresh stimulus as eurozone economy falters

Eurozone gets fresh help to bolster flagging growth

"President Trump tweeted: "[The ECB] is trying, and succeeding, in depreciating the Euro against the VERY strong Dollar, hurting USA exports".

The stimulus package is also expected to be the final action by the outgoing Draghi, whose term ends November 1.

"Nonetheless, we believe that trade uncertainty and growth concerns will not vanish, so any reprieve on either subject will be welcome".

European stocks climbed to their highest in seven weeks, with stock exchanges in Paris and Frankfurt gaining 0.8 per cent. The White House denied the reports, but president Trump supported the idea of an interim deal in answer to a reporter's direct question. "For example, we are assuming that there will be no hard Brexit or escalation of the U.S. trade war".

Draghi has called for years for governments to do more to stimulate growth. Microsoft also traded 1.5% higher.

On Thursday, the central bank for the 19 countries that use the euro cut the rate on deposits it takes from banks to minus 0.5 percent from minus 0.4 percent. The ECB stimulus will run until shortly before the next rate increase, and President Mario Draghi painted a gloomy picture of the region's economy at a press conference after the decision.

In fact, with an interest rate of -0.5%, the Euro will continue to struggle against most currencies although it is possible that perhaps some of the selling will update right around this big figure and cause a bit of a bounce.

The Japanese yen fell 0.3% to 108.14 per dollar. It hit a six-week low of 108.19 on Thursday.

Italy's 10-year yield decreased 11 basis points to 0.86 per cent.

That also helped to lift the yield on 10-year U.S. Treasuries to as high as 1.081 percent US10YT=RR , its highest level since early August.

The central bank revealed plans to cut the rate on deposits it takes from banks to minus 0.5% from minus 0.4%.

With other major central banks easing monetary policy, Germany at risk of falling into recession and euro zone governments doing little to prop up the bloc, the ECB was left alone once again as the "only game in town", forcing policy-makers to deploy most of their few remaining tools.

The Aussie share market rises for the third straight day. Still, the euro managed to claw back losses as the ECB's comprehensive stimulus package now shifts the spotlight to the Fed and BOJ policy meetings next week.

"People also seem to think there will be a deal between China and the States soon but you never know when suddenly Trump do about-face".

Oil prices were softer as a meeting of the OPEC+ alliance yielded no decision on deepening crude supply cuts.

West Texas Intermediate crude dipped 1.3% to $55.05 a barrel. Articles appear on euronews.com for a limited time.

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