International markets surged on Friday night, with strong gains in both Europe and the US.
In London the UK’s FTSE 100 added 58 points (+1%) to settle at 5666, whilst the French CAC (+1.5%) and German DAX (+2.2%) enjoyed stronger gains.
European stocks climbed for a sixth straight week, the longest winning streak in more than two years, amid speculation that central bank policy makers will add to stimulus measures to support the economy.
Stateside, the Dow Jones put on 204 points (+1.6%) to settle at 12777, whilst the broader S&P (+1.7%) and tech-heavy NASDAQ (+1.5%) had similar gains.
Financial stocks led a market surge after better-than-expected quarterly results from J.P. Morgan Chase boosted enthusiasm about earnings season and jolted the Dow from its longest slide in almost two months.
Investors shrugged off July’s preliminary reading for the University of Michigan consumer-sentiment index, which was lower than expected.
In other US economic news, wholesale prices in June rose for the first time in four months, exceeding expectations, as rising prices for light trucks and food more than offset falling energy costs.
Oil rose for a third day, the longest winning streak in a month, as slowing growth in China fuelled stimulus speculation and U.S. equities advanced.
Crude for August delivery added $1.02 to settle at $87.10 a barrel on the NYMEX, capping a weekly gain of 3.1%. Prices are down 12%.
There is no major local data slated for release this morning.