‘Thank you Draghi’ rally for global markets

Global financial market is reversing its recent decline in the wake of possibility that European Central Bank (ECB) might add more stimulus in the market within two months.

ECB president Mario Draghi, again dropped strong hint over further stimulus, saying that in its March meeting ECB will review current policy and possibly reconsider it in March.

Global markets, especially stock bulls are saying 'Thank you, Mr. Draghi, that's what we needed to break the bears.'

• Indian benchmark stock index, nifty is up 1.8%, China' Shanghai composite is up 1.4%, Japan's Nikkei is best performer among Asian peers, cash market is up 5.9%, while CFD is up 2.5%.
   
• US benchmark S&P 500 is pointing to close to 1% gain.

• Oil price is rallying up sharply. WTI is up 5% today and trading close to $31/barrel. Brent is up slightly more than 4%, trading at $30.9/barrel.

• Yen has been the losing one, up more than 200 pips from its low around 116.

ECB's comments, improved the mood of the market as it heads into FED reserve meeting next week. With focus now shifted to central bank policies again, market might go into a pause and consolidate.