SCOREBOARD: ECB placebo

Markets reversed after the ECB's funding injection, as investors pondered the severity of EU bank problems.

Another choppy day on the markets saw equities hit their highest levels in a week, after the ECB's 3-year long-term refinancing operation was announced. The amount of money borrowed came in at a hefty €489 billion – at the higher end of expectations – with 523 banks taking advantage of the facility. After this initial sugar pill had dissolved, investors began to realise the heavy uptake may not be such a good thing, given that the number of banks tapping the facility highlights the serious problems inherent in the European banking sector.

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Colin Cieszynski & Michael Hewson

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