Britain, the region’s third largest economy, was the only holdout, refusing to join the other 26 countries in a fiscal union.
In Europe the FTSE added 45 points (+0.8%) to settle at 5529, whilst the CAC (+2.5%) and DAX (+1.9%) enjoyed even stronger gains.
Stateside, the Dow Jones put on 187 points (+1.6%) to erase the previous session’s losses and settle at 12184.
The broader S&P 500 (+1.7%) and Nasdaq (+1.9%) also enjoyed strong gains, boosted by solid US consumer confidence and trade data.
Oil gained the most in more than a week on the back of the same data; the black gold added US$1.07 (+1.1%) to settle at US$99.41.
Base metals traded mostly higher on Friday with copper leading gains, up 1.6%. Gold was relatively unchanged at US$1,716 an ounce.
In company news, Aston Resources has agreed to a $2.25 billion offer from Whitehaven Coal. Aston agreed to the all-scrip bid after its largest shareholder moved to vote in favour of the deal.
Today’s session will bring us data in the form of home loans and the trade balance, both slated for release at 11:30am, AEDT.
The SPI futures are trading approximately 70 points higher, so the market should recover most of, if not all of Friday’s 77 point selloff.