The major markets across Europe are poised to open higher on Thursday morning, taking cues from Wall Street, where the major indices staged a smart recovery and ended in positive territory on Wednesday. Unexpected increase in durable sales data and new home sales report in the U.S. revived hopes that the global economy will recover earlier than expected.
The Dow closed up 89.84 points or 1.2% at 7,750, the Nasdaq closed up 12.43 points or 0.8% at 1,529 and the S&P 500 closed up 7.63 points or 1% at 814.
The FTSEurofirst 300 index of pan-European blue chips closed 0.42% higher at 744 points, while the narrower DJ Stoxx 50 index rose 0.32% to 1,838 points.
Around Europe, France's CAC 40 index rose 0.66% to 2,893 and Germany's DAX index surged up 0.86% to 4,223, while the U.K.'s FTSE 100 index fell 0.29% to 3,900.
In Asian trading, all the major markets ended higher on expectations that initiatives of the various governments and central banks will help the global economy come out of recession, some sort of stability will be brought in global financial sector and credit will start flowing from banks to business households at an early date.
On the economic front, retail sales data and data on total business investment for the fourth quarter from the Office of National Statistics in the UK, and Eurozone Money supply data might impact the trading session.
A survey from the GfK market research group showed that German consumer confidence for April stood at 2.4 points, down from a revised value of 2.5 points in March. Economists were expecting a reading of 2.5 for April. The GfK consumer climate MAXX survey is conducted by GfK group on behalf of the EU Commission.
In corporate news, Fuller, Smith & Turner Plc (FSTA.L) said it has entered into agreement to purchase six freehold London pubs from Punch Taverns Plc for a total consideration of GBP 21.1 million. The transaction is expected to complete on April 6, 2009
Crystalox Solar Plc (PVCS.L) reported that profit attributable to equity holders of the parent for the year ended 31 December 2008 was 103.19 million euros or 25.1 cents per share, compared to 46.97 million euros or 11.9 cents per share last year. Pre-tax profit surged to 147.22 million euros from 70.76 million euros in the prior-year. Revenue for the year rose to 274.1 million euros from 263.44 million euros last year.
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