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European shares inch higher after China's reserve cut

News Date: 29/2/2016 09:09:15
Update Date: 29/2/2016 09:10:32
 
European shares scored small gains on Monday after China's central bank cut the reserve ratio requirements for all banks by 50 basis points, freeing up more than a hundred billion dollars for loans on hopes of stimulating the sluggish economy after posting its weakest economic expansion in more than two decades last year.

The pan-European index FTSEurofirst rose 0.10% to trade at 1,306, while Germany's DAX widely underperfomed the market, skidding sixty points, or 0.65% to hover around 9,448. France's CAC 40 on the other hand outperformed, advancing 12 points, or 0.3% to 4,327.

Oil prices on the other hand held on to their good profits, with Brent crude futures registering a 46-cent gain, or 1.41% to trade at $35.92 a barrel, while U.S. crude futures similarly climbed 33 cents, or a little more than one percent to $33.12 a barrel.

Precious metals also powered higher, with gold futures adding ten dollars, or 0.84% to trade at $1,231 an ounce, near a year high at $1,260. Silver futures similarly gained eight cents, or 0.60% to move around $14.77 an ounce.

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