It didn’t take long for investors to understand that more stimulus than expected following Thursday’s European Central Bank meeting was likely to reset the tone. So much for the recent plunge in oil prices and how it gave global stock markets a bearish tinge to start the year.
Relative calm returned to world markets on Friday after a week that gave dollar/yen its biggest smashing since 2008, wiped billions off share prices and saw a stampede into top-rated government bonds and gold.
U.S. traders are dragging themselves to work for a holiday-shortened week, though they are likely to have increasingly urgent daydreams about Thursday’s coming gluttony and tryptophan-induced afternoon naps as the week goes on.
Italy, Lithuania, Austria and Spain risk breaking European Union rules with their 2016 budget plans, the European Commission said on Tuesday, as it took time to assess the fiscal impact of the refugee crisis in Europe and additional security expenses in France.