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European markets close higher as ECB vows to ramp up bond buying

European stocks closed higher Thursday as the European Central Bank vowed to increase its bond buying amid rising borrowing costs on the continent.

The pan-European Stoxx 600 closed up 0.5%, with tech stocks jumping 2.3% and banks falling 1.6%.

Following its latest monetary policy meeting, the ECB said it expects to increase its bond purchases “significantly” next quarter, after borrowing costs rose in the region.

Reference: CNBC