Europe open: Stocks gain after Bank of Japan boosts stimulus
European stocks gained after the Bank of Japan unexpectedly boosted its stimulus, raising its annual target for monetary expansion.
The BoJ lifted its target to 80trn yen from a previous 60trn-70trn yen. The move came as Japan’s jobless rate rose to 3.6% in September from 3.5% the previous month, as expected.
Inflation in the world’s third-largest economy fell to 3.2% in September from 3.3% the month earlier, which was also predicted by the market. However, the core rate which strips out the effect of the recent sales-tax hike fell to 1%, further away from the BoJ's 2% target.
The Eurozone has inflation data due out on Friday amid pressure on the European Central Bank to address price instability. The unemployment rate will also be released in morning trading.
In other euro-area news, German retail sales rose 2.3% year-on-year in September, following a 0.1% rise the prior month. Analysts had estimated a 1.2% gain.
The US will see the release of personal spending and consumer confidence data later on.
BNP, RBS
BNP Paribas gained after posting an 11% increase in third-quarter profit that beat analysts’ estimates.
Royal Bank of Scotland Group jumped after swinging to a third-quarter profit.
International Consolidated Airlines Group advanced as the owner of the British Airways and Iberia raised its full-year earnings guidance.
The euro fell 0.33% to $1.2572.
Brent crude futures dropped 1.18% to $85.24 per barrel, according to the ICE.