Shares rise on ECB assurances

Indicators have suggested the world's largest economy is picking up, but investors are looking for firm evidence.

Markets were reassured by ECB President statement on Thursday that it has a fully effective backstop mechanism in place to buy the bonds of euro zone states.

The euro, closely linked to the bloc's debt crisis, dipped back under $1.30, as European trading gathered pace, but remained close to the two-week high of $1.3032 hit on Thursday.

Shares in Asia rose before Europe opened. The Bank of Japan took no new monetary easing measures as expected at its latest meeting, helping keep the yen firm, having hit an intraday high of 78.27.

German government bonds were little changed following the ECB meeting, while Italian and Spanish 10-year bond yields edged lower.

Spain remains a risk factor for markets as it puts off requesting a formal bailout. "We think they will request assistance before the EU summit on October 18-19 and, hence, believe investors will have no reason to avoid buying risky assets then. But the risks of delays are not small, despite Draghi's latest statements," Barclays Capital said in research note. Via

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