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For the next mile of reform, here are four key things that need to happen, says Richard Baker, the president of the Managed Funds Association.
"European stocks are driven by the forex market, big time," said Nicolas Cheron, market analyst at FXCM in Paris. According to Bank of America Merrill Lynch Global Research, European equity funds have enjoyed $36 billion in inflows so far this year.
Germany's Dax index was set for its longest streak of weekly gains since 1998 on Friday as traders added to their bets on an economic recovery in the euro zone, aided by a weak euro. The DAX, up 0.1 percent at 0856 GMT, was up 2.3 percent on the week and set for its ninth consecutive weekly gain, the longest winning streak in 17 years. Commerzbank was the top riser on the index as it rose 3.4 percent, with traders citing relief that a U.S. fine announced on the previous day was in line with market expectations. The export-oriented Dax has risen 20 percent since the start of the year as an aggressive bond-buying programme by the European Central Bank, which was announced in January and started this week, fuelled demand for stocks and pushed down the single currency.