European stock markets moved broadly higher, following on from a rally on the Asian market. Confidence in the global recovery overshadowed concerns about the risk of a global trade war and the DAX outperformed during the European session with a gain of 0.74%.
Other eurozone markets also moved higher, while the FTSE 100 underperformed with a meager 0.3% gain as the pound strengthened against the dollar. The gains in Europe followed a very strong session in Asia, where Topix and Nikkei closed with gains of 1.51% and 1.65%, respectively, the Hang Seng managed a rise of 1.93% and the CSI 300 closed up 0.46%.
Action Economics said Japanese markets extended gains after Finance Minister Taro Aso held firm in the widening scandal involving the Ministry of Finance, after initially dipping on speculation that Aso may resign, which some speculated would also increase the risk of Abe’s resignation.
US stock futures are also moving higher, oil prices are down on the day, and the front end Nymex future is trading at $61.76 per barrel.