Markets give back ground after Draghi-inspired rally

Asian markets jumped overnight after European Central Bank president Mario Draghi said he would “do whatever it takes” to save the euro.

After jumping on the comments, Europe’s main markets have given back some ground this morning.

Japan’s Nikkei 225 index jumped 1.1%, while Hong Kong’s Hang Seng rose 1.8%. Australian stocks also gained ground.

In the US the Dow Jones Industrial Average rose 1.7% whereas the S&P 500 benchmark rose for the first time in five days.

In a sign Europe’s troubles are far from over, Spain today posted unemployment of 24.6%, its highest level for over 30 years, while Greek prime minister Antonis Samaras prepares to meet his supra-national foreign lenders to explain an 1.7bn euro austerity plan.

Greek is not yet meeting its cut-back plans.

By 1045 Central European time, the Dax was down 0.48% and the Cac 40 was 0.14% lower on the day.

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