US stocks continued their strong start to the week. The S&P 500 rose 1.1%, with Technology and Consumer Discretionary stocks contributing the most gains.
Healthy corporate profits were the primary catalyst behind the positive session for equities. Netflix Q1 earnings garnered most attention after it reported better than expected subscriber growth. Shares rose 9.2%.
On the economic data front, housing starts rebounded in March, totalling 1.319 million, coming in ahead of expectations and providing a further boost to sentiment.
European equities also had a strong session yesterday. The Euro Stoxx 50 index gained 1.1%, the German DAX index rose 1.6% and the French CAC settled 0.8% higher.
In FX markets, the UK’s sterling reaches its highest level since the country voted to leave the European Union in June 2016. During the session, sterling rose as high as $1.4376, before settling down at $1.4301 at Europe’s close.
Asian equities followed the lead of their US and European counterparts overnight. Japanese stocks gained 1.6%, with all sectors finishing in positive territory.