Reuters ahead with ECB’s new 750 bln euro package; market reacts

Reuters was ahead with news of the European Central Bank launching a 750 billion euro emergency bond purchase scheme, in a bid to stop a pandemic-induced financial rout from shredding the euro zone’s economy. Under pressure to act to bring down borrowing costs for indebted, virus-stricken countries such as Italy, the new dedicated bond-purchase scheme from the ECB brings its planned purchases for this year to 1.1 trillion euro, with the newly agreed buys alone worth 6% of the euro area’s GDP.