SCOREBOARD: European pep

Markets are rallying across the board, but there's ample scope for disappointment at Thursday's ECB meeting.

Following Mario Draghi’s comment that the ECB would do "whatever it takes”, this week’s ECB meeting (Thursday 2145 AEST) takes on a whole new level of interest. And importance. There was a sharp drop in Spanish bond yields – down almost 100 bps(!!) to 6.73 per cent – and a strong stock rally over the last two sessions, with the S&P500 up 3.5 per cent for two days.

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