ECB

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(AP)

Friday’s events from the World Economic Forum feature an address by Mario Draghi, president of the European Central Bank, and sessions looking at the challenges faced by, and presented by, the fast-changing Arab world. Reports from FT writers in Davos and by Ben Fenton, Lina Saigol and Lindsay Whipp in London

17.03: The Davos Live Blog is closing down now but for more reading and insight on today’s events, please visit the FT’s in depth page on the World Economic Forum.

16.41: Gideon Rachman, titular proprietor of this blog, has written his surmise from the earlier session on Syria.

16.16: Asked by the Amercian moderator of his panel session about corruption and banking regulation, Nigeria’s central bank governor Sanusi displays a little frustration:

He said: “We are the only country which has taken people out of banks and put them in jail. No bankers in your countries have gone to jail.”

16.12: Martin Wolf has recorded his view on the politics and economics at play in a “low-intensity” Davos this year:

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Tom Burgis


Welcome to our live coverage of the eurozone crisis. We’ll bring you all the developments. By Tom Burgis and Ben Fenton in London with contributions from FT correspondents across the world. All times are GMT.

 

 

17.37: As the EU’s political leaders get down to talks, we are closing down the live blog for today, but it will be up again bright and early tomorrow to pick up on whatever is decided overnight. Meanwhile, elsewhere on FT.com you’ll be able to find coverage of the summit kept fresh by our sleep-deprived Brussels team.

17.29 More bleak news for the UK’s Triple A credit rating, via FT markets editor Chris Adams:

[blackbirdpie url="https://twitter.com/chrisadamsmkts/status/279275102162522112"]

17.24 More twists and turns in this tale of what said what to whom about the Italian elections at the centre-right EPP’s pre-summit meeting today (see 15.49 and 17.06).

Antonio Tajani, the Italian EU commissioner and a Berlusconi ally, is quoted by Italian news agency Adnkronos as saying that none of the leaders of the EPP “expressly asked Monti to be a candidate”.

“Everyone spoke well of Monti but no one wants to interfere.”

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The polls have opened in the US and our liveblog is up and rolling. Here is some reading to get you through until the numbers start coming in:

 

Germany’s Angela Merkel, left, and France’s François Hollande at the EU summit in Brussels.

With the eurozone crisis response slowing to a crawl, Friday’s early-morning agreement setting a timetable for a new single eurozone bank supervisor is probably best judged with textual analysis, since the deal is so incremental it’s hard to really judge without a close look at the details.

The key change between the communiqué agreed in June and the one agreed Friday is the firming up of when, exactly, the new supervisor, to be run by the European Central Bank, will start and how long it will take to be phased in. The June deal was immensely vague on this point:

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By Ruona Agbroko

Today’s selection of interesting articles from around the web:

By Ruona Agbroko

Here are some of the articles that have grabbed our attention from today’s FT and elsewhere:

Welcome to our rolling coverage of the eurozone crisis. Mario Draghi has unveiled the ECB’s bond-buying scheme. By Tom Burgis, Ben Fenton,  John Aglionby and Ruona Agbroko on the newsdesk in London and Anjli Raval in New York with contributions by FT correspondents around the world. All times are BST.

21.40 As we close up today’s blog, here is a last US markets round-up from Arash Massoudi in New York:

What a day for equities on Wall Street. US stocks  jumped to their highest closing level since January 2008 as investors piled into risk assets.

The benchmark S&P 500 rose 2.04 per cent to finish at 1,432.12. All ten broad sector groups on the index moved more than 1 per cent higher. Financials were among the day’s top performers with bulge bracket banks enjoying hefty gains. Bank of America rose 5 per cent to $8.35, Citigroup climbed 4.5 per cent to $31.12 and JPMorgan Chase gained 4.3 per cent to $38.69. Broadly, the S&P 500 is up 13.9 per cent since the start of the year.

The Nasdaq closed at its highest level since December 2000.

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A real variety of articles got us chatting today. Here are our recommendations: