'Double dose' of stimulus gives markets a boost

London

COMMODITY markets last week mostly rallied as China cut interest rates for the first time in more than two years, boosting the demand outlook in the Asian powerhouse. Prices also won support after European Central Bank chief Mario Draghi signalled readiness to act quickly to deter deflation, sparking fresh stimulus hopes.

"Markets in Europe took a double dose of stimulus on Friday; Mario Draghi again implied that the ECB is moving towards full quantitative easing and shortly afterwards China cut interest rates for the first time in two years sending commodities and risky assets flying," said CMC Markets analyst Jasper Lawler.

Crude oil raced higher after the People's Bank of China (PBOC) on Friday unexpectedly moved to …