Photo: Motiqua / Flirkr
Markets are way up early in the European trading session.England’s FTSE 100 is up 0.8%.
France’s CAC 40 is up 1.0%.
Germany’s DAX is up 0.7%.
Spain’s IBEX is up 1.5%.
Italy’s FTSE MIB is up 1.8%.
Earlier this morning, we learned that Germany’s unemployment number climbed for the eighth month in a row. However, the increase was not as high as expected.
Europe’s market gains follow yesterday’s U.S. rally. On Wednesday, U.S. stocks began their rally after House Speaker John Boehner expressed optimism about fiscal cliff talks.
If Congress is unable to make a deal, a series of tax cuts and spending programs are set to expire by the end of the year, potentially cutting 2013 GDP by as much as five per cent.