If you read financial commentary, you’ve probably been waiting for today for quite some time. The big news this morning is the European Central Bank’s new bond-buying programme—which, according to Bank Chairman Mario Draghi, will be the cure-all for the financial crisis in Europe.
Asian stocks were broadly stronger through their session in anticipation of the ECB announcement, and now that the cat is out or the bag, European shares are finishing the day strong, and North American markets have opened with some pep in their step. In the government bond market, yields are trading with a negative tone, most notably in Europe, where Spanish, Italian, and German ten-year notes have all seen yields fall noticeably since Draghi took the stage.
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