European markets soared on Draghi's promises

On Thursday, July 26, European markets pushed higher after ending a four-day drop, as Mario Draghi pledged to support the shared currency. The Stoxx Europe 600 Index rocketed 2.5 per cent to 256.58, the Spanish IBEX 35 index soared 6.1 per cent to 6,368.80, while Italy's FTSE MIB Index jumped 5.6% to 13,210.04. The pressure at the Italian and Spanish bonds came off, as the yields on 10-year Italian bonds declined by 42 basis points to 6.04 per cent, while the yields on 10-year Spanish bonds tumbled 45 basis points to 6.88 per cent.