The City roundup video: European markets surge

Video: Oscar Williams-Grut provides a run-down of the day's major news from the City

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The Independent Online

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As the world’s elite gather in Davos for their annual meeting, markets across European are surging. Stock markets in France, German, Italy and Spain have all risen by up to 1 per cent this morning. The performance is due to expectations that the European Central Bank will this week announce plans to pump billions into Europe in a bid to boost flat lining economies

At a meeting on Thursday, ECB boss Mario Draghi is expected to announce a programme similar to the quantitative easing regime adopted by the US.

The optimism across Europe contrasts with China, where the Shanghai stock exchange suffered its worst one day fall in six and a half years. It follows a crackdown by the Chinese regulator on excessively leveraged trading.