By Carla Mozee, MarketWatch
U.K. stocks leapt Tuesday, pushed higher alongside other
European equity markets after comments about the European Central
Bank's quantitative-easing program by key bank officials.
The FTSE 100 climbed 0.5% to 7,001.91.
Stocks leapt after the release of text from a speech that Benoît
Coeuré, a European Central Bank Executive Board member, delivered
in London on Monday. Coeuré said because of low liquidity levels
usually seen during the summer period, the ECB will modestly raise
purchases
(http://www.marketwatch.com/story/euro-falls-after-ecbs-coeure-says-bank-will-front-load-qe-buying-2015-05-19)
of euro-area assets in May and June. Such action "will allow us to
maintain our monthly average of EUR60 billion, while having to buy
less in the holiday period," he said in the speech
(https://www.ecb.europa.eu/press/key/date/2015/html/sp150519.en.html),
published Tuesday.
And on Tuesday, ECB governing council member Christian Noyer
said the European Central Bank is ready to take additional steps
(http://www.marketwatch.com/story/noyer-ecb-will-act-if-inflation-target-isnt-met-2015-05-19)
to boost inflation if its current quantitative-easing program
proves insufficient.
European and U.K. equities have this year been pushed to record
highs, fueled by funding surrounding the EUR1.1 trillion
bond-buying program launched in March.
The euro (EURUSD) slid after Coeuré's comments. Against the
pound (EURGBP), it was buying 71.51 pence, down from 72.29 pence
late Monday.
On the FTSE 100, Vodafone PLC shares dropped 2.6%. The mobile
network telecom heavyweight said full-year operating profit
adjusted for exceptional items -- a key performance metric -- fell
19% to GBP3.51 billion as the company invested in its network
(http://www.marketwatch.com/story/vodafone-hails-signs-of-stabilization-in-europe-2015-05-19-24854139).
Revenue rose 10.1%, but excluding handset sales, it fell 1.6%.
Mining shares were also at the bottom of the FTSE 100, with BHP Billiton PLC (BHP) down 2.2%.
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