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LONDON Italian banks rallied in afternoon action on Thursday, after European Central Bank President Mario Draghi said the bank would initiate unlimited sovereign-bond purchases as an "effective backstop" to remove tail risk in the euro zone. Banca Popolare dell'Emilia Romagna Scarl jumped 8.3%, UniCredit SpA surged 7.6% and Unione di Banche Italiane SCpA rose 6.7%. The FTSE MIB index gained 3.6% to 15,675.26. Yields on 10-year Italian government bonds fell 15 basis points to 5.36%, according to electronic trading platform Tradeweb.

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