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World Stocks, oil soar due to monetary support

Staff Reporter | 3:52 PM |
Stocks and oil have rebounded strongly thanks to hints of more monetary policy support by the European Central Bank and bargain-hunting from bruised investors.

World stocks recorded their biggest rise in a month and Asian stocks their best day in three months on Friday.

Oil rallied around 5 per cent for the second day in a row, recovering from 12-year lows to above $US30 a barrel.

The surge comes a day after ECB president Mario Draghi signalled the central bank would ease policy further at its next meeting, in March to combat fading growth and disinflation, a message he reiterated at the World Economic Forum in Davos.

European stocks followed Asia’s lead. The region’s main indices rose around 2 per cent for the second consecutive day. Remarkably, given the recent steep declines, some were on track for their best weekly performance in two months. - AAP/news.com.au