By Peter Levring - Dec 8, 2011 9:07 PM GMT+0700
European stocks retreated as European Central Bank President Mario Draghi said he didn’t necessarily signal that the ECB would step up government bond purchases last week when speaking before lawmakers in Brussels.
The Stoxx Europe 600 Index declined 0.5 percent to 240.25 at 2:07 p.m. in London, having earlier rallied as much as 1 percent. The measure posted its biggest gain since November 2008 last week as central banks lowered the interest rate on dollar funding and China reduced its reserve ratio for banks.
The ECB cut its benchmark interest rate by a quarter percentage point to 1 percent today, as expected by 55 of 58 economists in a Bloomberg News survey. The bank also offered lenders as much money as they need for three years and loosened collateral rules at refinancing operations to ease strains in credit markets.
To contact the reporter on this story: Peter Levring in Copenhagen at plevring1@bloomberg.net
To contact the editor responsible for this story: Andrew Rummer at arummer@bloomberg.net
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