Stocks rise on ECB movements

Emerging market stocks rose the most in a month after the European Central Bank (ECB) signaled it would unveil a new stimulus package.

The MSCI Emerging Markets Index gained 1.4 per cent, its largest growth since early November.

The MSCI Emerging Markets Currency Index gained 0.2 per cent, a significant gain since experiencing lows earlier in the week.

The ECB's Governing Council said it would slow the pace of its bond-buying program in April to $60 billion euros from the current pace of $80 billion euros.

"The statement is pretty open-ended and leaves the possibility of increased size or duration later if needed. Also the amount of purchases is lower but for longer. There may be a short-term impact as the market digests the news but overall it should not derail the emerging-market story,” said Shamaila Khan, a money manager at AllianceBernsteinLP.

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