European stocks edged higher on Friday afternoon after the European Central Bank (ECB) delivered an aggressive stimulus package in a bid to reinvigorate the ailing euro zone economy.
The pan-European Stoxx 600 closed 0.4% higher at 391.79, banks and basic resources emerging as the best performing sectors with roughly 2.8% in gains while food and beverage stocks dropped 1.9%.
The ECB announced a new quantitative easing program Thursday which will see 20 billion euros ($21.9 billion) per month of net asset purchases for as long as the central bank deems necessary. It also cut the rate on its main deposit facility by 10 basis points to -0.5%, a new record low, and introduced tiering measures to mitigate damage to banks’ balance sheets.
Source : CNBC