WHOA: EUROPE JUST WENT BONKERS!

UPDATE (11:32 AM): The Italian FTSE MIB roared higher this morning, up 4.15 4.83  5.12 5.62 per cent today.

The Spanish IBEX 35 also closed up 3.9 4.47 5.16 6.06 per cent today.

A look at the rest of the scoreboard:

DAX: 2.75%
CAC 40: 4.07%
FTSE 100: 1.36% 

This all seems to have been generated by the enthusiasm over comments from ECB President Mario Draghi, who committed to further action to stabilise the euro if necessary. Investors are reading this as a commitment to restarting ECB bond-buying on the secondary markets, which would raise demand and lower borrowing costs for the troubled Spain and Italy.

Comments from Austrian Finance Minister Maria Fekter could also be helping here. Greek newspaper Kathimerini reported on her opinion that another summit of EU leaders next month is likely.

Check out the IBEX 35:

ibex 35

Photo: Marketwatch

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