Europe’s stock market dips despite multi-billion dollar QE stimulus

The European central bank’s (ECB) mass bond buying quantitative easing programme has had little taming effect on Europe’s volatile stock markets.

Market Watch reported the benchmark Stoxx Europe 600 index slumped almost 1%, continuing the downward stock trend in the European market.

US rate hike speculation, as well as doubts about the Greek reform programme, were key reasons stocks fell across Europe.

Pressure has been mounting in Greece as its eurozone creditors have continued to emphasise the need for economic reforms in the country.

The eurozone extended Greece’s bailout agreement late last month after Greece's finance minister, Yanis Varoufakis, presented a list of proposed budget cuts and economic overhauls.

The plan included a disciplined approach to budgets, spending and tax collection.

In the days after the event, International Monetary Fund managing director Christine Lagarde criticised Mr Varoufakis' plan, saying it didn’t convey clear assurances that the Greek government intended to undertake the key reforms.

A short meeting on Monday didn’t help to sow any seeds of optimism either, with eurogroup president Jeroen Dijsselbloem telling a news conference the past two weeks have been a waste of time.

“My key message today was that we have spent now two weeks apparently discussing who meets whom where, in what configuration and on what agenda and it's a complete waste of time. I cannot be explicit enough about it."

"That's why we've said we've talked about this long enough now. We only have four months … let's get it done."

He said Greece will not be receiving any more aid money until a firm reform plan had been implemented.

Mr Dijsselbloem also confirmed “technical teams” from the bailout monitoring institutions will be sent to Athens on Wednesday, where further meetings will take place.

In the US, the favourable recently released jobs data – which showed the lowest levels of unemployment since 2008 – added further optimism regarding rate hikes coming sooner rather than later.

Market Watch has reported a stock selling spree in the US, which hampered the European stock markets.