Draghi says ECB will be cautious in adjusting stimulus effor

Draghi says ECB will be cautious in adjusting stimulus effor

Draghi says ECB will be cautious in adjusting stimulus effor

LONDON (AP) - European stock markets fell sharply Tuesday as the euro surged on comments from European Central Bank President Mario Draghi.

Draghi's said in a speech Tuesday at an European Central Bank conference in Sintra, Portugal, that "there are strong grounds for prudence" in adjusting the level of stimulus.

He said that inflation was not picking up as fast as it typically does.

Germany's 10-year Bund yield was virtually flat on Tuesday at around 0.25 percent and within sight of nearly two-week lows hit the previous session.

CURRENCIES: The dollar fell to 111.48 yen from 111.84 yen. It was last steady on the day at $1.1180 EUR=, above its overnight low of $1.1172.

The dollar stood tall on Tuesday, pushing to a one-month high against the yen as investors waited to see if Federal Reserve Chair Janet Yellen would stick to her positive economic outlook at an event later in the global session.

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And the ECB's monetary policy had played a role in this, he insisted.

"Her words will be scrutinized for any color about the timing of the next rate hike against a backdrop of mounting concerns over the inflation outlook", strategists at Societe Generale said in a note to clients.

Still, Fed officials doggedly stuck to their hawkish scripts.

OIL: Benchmark U.S. crude rose 23 cents to $43.61 per barrel in electronic trading on the New York Mercantile Exchange.

"In the third quarter we should draw (down stocks), but we are unsure about the fourth quarter as USA production is likely to have a year-end spurt", Taylor said.

TECH SLIDE: Some Asian tech shares tracked the sector's losses on Wall Street overnight. The FTSE 100 of Britain lost 0.4 percent to 7,416.87.

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Emerging market stocks lost 0.17 percent.

Carpetright warned ahead of its full-year results today that it expects its profits to come in at the lower end of market expectations as sales growth slowed in the final quarter of the year.

"He surprised the market with that upbeat stance", said Tom di Galoma, a managing director at Seaport Global in NY.

However despite the continued expansion of the Eurozone economy Draghi also pointed out that inflation still remains below the central bank's target rate of 2%, although he appeared confident that the bloc remains clear of possible deflationary pressures.

That triggered a further flattening of yield curves, with the gap between and five and 30-year bond yields at its tightest level since 2007.

In corporate news, the European Union slapped a record 2.42 billion euro fine on Alphabet (Xetra: ABEA.DE - news) 's Google saying it had abused its dominant market position.

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