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Market Update

ECB Lifts GDP Outlook, BoE Leaves Rate, Bond Program Unchanged

Author: Nigel Thomas
Last Update: 11:56 AM ET September 05 2013

In London, FTSE 100 index increased 49.13 to 6,526.87 and in Frankfurt, DAX index gained 24.13 to 8,220.05.

The European Central Bank lifted its outlook for GDP in the current year to a shrinkage of 0.4% from the earlier estimate of 0.6% in June.

The central bank also lowered its estimate for the economic growth in the next year to 1% form 1.1% and President Mario Draghi reiterated inflation outlook below central bank’s target of 2%.

Bank of England left its key interest rate on hold at 0.5% and left its bond buying program intact at 375 billion bonds.

The yield on 10-year UK gilt increased to a 2-year high to 2.95% and pound rose to $1.566.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc