The purchases, says Draghi, will last for at least two years and have a "sizable" impact on the ECB's balance sheet.
"This program is orientated to boost lending to SMEs (small and medium-sized enterprises)," said Draghi, adding that those assets targeted will be "simple and transparent."
Traders sold euros on the news, but have since bought them back and the currency is flat vs. the dollar on the session at $1.2654. European shares resume sliding, the Stoxx 50's (FEZ -1.8%) decline led by a 3.7% dive in Italy.
The Saudis were expected to cut output in the coming months to support prices, but the price cuts seem to suggest a drastic reduction in output may not happen, at least not in the near term.
"Such measures give rise to doubts about OPEC's long-standing strategy of striving above all for price stability,” a Commerzbank analyst says.
But crude has been dropping for months, and Jefferies points to four reasons behind the sustained slide: weak global demand with Q3 estimates up only 800K bbl/day vs. 2013, a surge in Libyan production, dollar strength, speculators.
The Nikkei had its worst day in seven months overnight, plunging 2.6% following the ugly session in the States. Plunging itself for a few weeks now, the yen (NYSEARCA:FXY) put in a positive session, rising 0.25% vs. the dollar to ¥108/63.
Under the new rules from the PBOC, those buying a second home would be eligible for lower down payments and mortgage rates which previously had been available only to first-home buyers, provided the initial mortgage has been paid off. The PBOC also loosened a ban on mortgages for those buying a third home.
The move marks a reversal from years of tightening, and comes as economic growth remains sluggish. Last night's HSBC PMI of 50.2 was unchanged from the previous month.
Previous rules required a 30% down payment from first-home buyers, but 60% down for second homes. They also allowed first-homers up to a 30% discount on mortgage rates from the central bank benchmark.
Among the gainers in Shanghai on the news were real estate developer Xinyuan Real Estate (NYSE:XIN), and home-listing website Leju Holdings (NYSE:LEJU).
The China Real Estate ETF (NYSEARCA:TAO) is about flat YTD.