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ECB underwhelms on first day of quantitative easing

Purchases have been small and unless the ECB steps up the pace, there're doubts it could achieve its target

Published Mon, Mar 9, 2015 · 09:50 PM

London

THE start of the European Central Bank's (ECB) quantitative easing programme left market participants disappointed on Monday with many asking how the bank will get to its targeted size of 60 billion euros (S$90 billion) a month.

The euro dived on Monday to a new 11.5-year low against the US dollar and Europe's main stock markets slumped as the ECB kicked off its 1.1-trillion-euro bond-buying programme. Sentiment was also weighed down by concerns over Greece, with Athens due to present its reform plans to Brussels in order to secure a financial lifeline.

European stocks fell as investors took profits from last week's ECB-inspired gains. In afternoon deals on Monday, London's benchmark FTSE 100 index of leading companies dropped 0.58 per cent to 6,871.82 points. Frankfurt's DAX 30 sli…

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