European Stocks Gain After ECB Results Sooth Funding Concerns
The FTSEurofirst 300 index of shares gained 0.3% to 999.04 points at 11:23 GMT, according to Reuters. The index declined 3 percent Tuesday. The Euro STOXX 50 added 1.1 % to 2,585.32 today.
Results from the ECB funding operation showed banks borrowed less than expected, soothing doubts about European banks' ability to repay their debts. The ECB said 171 banks borrowed 131.9 billion euros. A Reuters poll forecast demand of 210 billion euros.
"This clearly removes some of the tension on the market, but the reality check for the banks will be the stress tests, with the results due later this month," David Thebault, head of quantitative sales trading at Global Equities, told Reuters.