European Markets Are Tumbling

European markets are tumbling as European Central Bank president Mario Draghi provides further details about the bank’s new asset purchases scheme during a press conference on Thursday.

Right now, France’s CAC 40 is down 0.32%, Germany’s DAX is down 0.05%, Spain’s IBEX is down 0.63%, Italy’s FTSE MIB is down 1.10%, and Britain’s FTSE 100 is down 0.23%.

At a meeting in Naples, Italy, the ECB announced it was leaving rates unchanged, as expected.

Draghi said covered bond purchases will begin this month and asset-backed purchases will begin this quarter. He said it’s “hard to give a figure” on the size of the purchases because the purchasing programs overlap with the TLTRO bank credit policy — more details on that are coming at 10:30 a.m. ET.

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