The Milan bourse rallied 5.86%
Tuesday, leading Europe's main markets, after the People's Bank
of China made its biggest intervention since January 2014,
pumping 150 billion yuan ($23.4 million) into the market to try
to staunch the biggest financial blood-letting since 2008.
The PBOC's move, however, didn't halt another dramatic day
in Shanghai which closed 7.6% down.
But Europe recovered after losing 411 billion euros in
stock value Monday with London following Milan's lead and
posting a 3.09% gain, Frankfurt 4.97% up, Paris up 4.14% and
Athens 9.3%.
Stocks were also on the upswing on Wall Street, with the
Dow Jones up 2.15% and the Nasdaq up 3.5%.
Analysts said Thursday's meeting of the European Central
Bank will look at renewed deflation risks from the 'China
Syndrome' while Italy's growth prospects could be hurt, lowering
its potential for using the flexibility allowed inside
single-currency parameters.
ALL RIGHTS RESERVED © Copyright ANSA
