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Eurozone money printing hopes boost ASX

The local share market is rising after overnight gains for US and European markets ahead of the ECB’s meeting.

The ASX 200 had added 33 points, or 0.6 per cent, to 5,427 shortly before 12:30pm (AEDT).

The All Ordinaries was 30 points higher at 5,397.

The gains on both sides of the Atlantic were driven by reports the European Central Bank is about the launch a 1.1 trillion euro debt buyback program, including sovereign bonds.

Energy and mining stocks are dominating the local gains, helped by a modest rise in oil prices.

West Texas crude gained 2.3 per cent to $US47.80 a barrel overnight and Tapis crude in Singapore had risen 0.4 per cent by lunchtime to $US49.50 a barrel.

Among the energy gains was a rise of 3.8 per cent for Woodside, 3.2 per cent for Oil Search and 2.5 per cent for Santos.

The oil-exposed firms were also driving the mining sector’s rise, with BHP Billiton up 3 per cent.

Rio Tinto had added 2.3 per cent.

However, Fortescue Metals Group was down 2.6 per cent and gold miner Newcrest had slipped 0.4 per cent.

The major banks were all higher, led by a rise of 1.3 per cent for Westpac.

ANZ and NAB had each gained 0.8 per cent and CBA was up 0.7 per cent.

The Australian dollar was buying just under 81 US cents, recovering a little from its sharp fall against the greenback overnight.

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