Global markets: European Central Bank cuts interest rates

By Commodity News Service Canada

WINNIPEG, March 10 – The following is a glance at the news moving markets globally.

EUROPEAN CENTRAL BANK TAKES ACTION
The European Central Bank (ECB) cut all three of its interest rates on Thursday, and introduced increases to its asset buying program, according to reports.

The euro fell about one per cent against the US dollar in early activity on Thursday, but the bank hopes long-term the moves will spur economic growth and put a stop to low inflation.

The ECB also hopes to increase lending, and will be buying corporate debt and introducing new loan packages.

IRELAND’S ECONOMY FASTEST IN EUROPE
Ireland’s economy was the fastest growing in Europe last year, according to reports on Thursday.

Government officials say the country’s economy grew at its fastest rate in 15 years, increasing by 7.8 per cent in 2015.

CANADA INCREASES INTERNATIONAL INVESTMENTS
Canada’s net foreign asset position increased by C$206 billion in the fourth quarter to C$471.9 billion, Statistics Canada said in a report on Thursday.

According to StatsCan, the fourth quarter closed a year of strong revaluation-led advances in the net international asset position, despite the continued need for Canada to borrow funds from abroad to finance current account deficits.

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