Stocks gain on global trade optimism, European Central Bank stimulus

ECB president Mario Draghi announces new stimulus

MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS ticked up 0.2%, while Japan's Nikkei .N225 rose 0.4%.

U.S. President Trump reacted negatively.

With just six weeks left before Draghi hands power to Christine Lagarde, he was all but certain to push through a big stimulus package, even if each of the measures come with complications, from limited potency to negative side-effects.

"Nonetheless, we believe that trade uncertainty and growth concerns will not vanish, so any reprieve on either subject will be welcome".

The S&P/ASX 200 index is 0.2 per cent or 14 points up at 6,669.

The news garnered immediate criticism from President Donald Trump. -China trade war and possible disruption from Brexit.

Reports of an interim deal between China and the USA added to the buoyant conditions.

Draghi has called for years for governments to do more to stimulate growth.

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The European Central Bank (ECB) on Thursday announced its key policy decisions to cut the deposit rate by 10 basis points to minus 0.50 percent and to restart net purchases under its asset purchase program (APP) at a monthly pace of 20 billion euros (about 21.9 billion USA dollars) as from November 1. Yields on euro zone government bonds fell sharply.

European Central Bank president Mario Draghi has called on a new weapon in his fight to resurrect the eurozone's dangerously sluggish inflation outlook.

"The Governing Council now expects the key European Central Bank interest rates to remain at their present or lower levels until it has seen the inflation outlook robustly converge to a level sufficiently close to, but below, 2% within its projection horizon, and such convergence has been consistently reflected in underlying inflation dynamics", while the bloc's common currency, Euro dropped more than 120 pips to $1.0945 against its American coutnerpart in less than an hour after release of the European Central Bank decision to cut key interest rate.

The yen was pinned near a six-week low versus the dollar today as signs the United States and China were narrowing their differences over trade ahead of key talks decreased demand for safe haven assets. It hit a six-week low of 108.19 on Thursday.

The dollar has also drawn support from a spike in US Treasury yields, with the benchmark 10-year yield at a five-week high.

Fed funds rate futures 0#FF: price in an interest rate cut of 0.25 percentage point by the Fed next week but have effectively priced out any chance of a larger cut.

ECB policymakers met at the bank's headquarters in Frankfurt on Thursday. Still, the euro managed to claw back losses as the ECB's comprehensive stimulus package now shifts the spotlight to the Fed and BOJ policy meetings next week.

And Brent crude oil has fallen 0.7 per cent to $US60.40 a barrel.

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