US. equities rose, gaining 1%, with technology shares rallying after strong earnings from Facebook Inc. and Advanced Micro Devices Inc. offered a reprieve for bulls.
Rate-sensitive shares advanced as the 10-year yield fell below 3% falling for the first time in nine days.
European stocks gained 0.6%, as a retreat in the euro fuelled hopes of fewer currency headwinds for the region’s corporate profits.
Defensive bond-proxy sectors including food and beverage, telecoms and utilities were among the biggest gainers as government bond yields fell.
At the ECB press conference yesterday, Mario Draghi’s remarks suggested the European Central Bank is comfortable with the outlook for growth, while acknowledging that a little momentum has been lost. Draghi’s caution on recent growth trends was tempered by an unchanged confidence in the convergence of inflation toward the ECB’s aim. In short, the ECB seems fairly relaxed about the near-term outlook suggesting the central bank remains on track to bring asset purchases to an end this year.
Asian stocks gained as the latest bout of earnings results buoyed sentiment in the technology sector and traders kept an eye on the historic meeting between the leaders of North and South Korea.