DAX hits all-time high, rest of Europe at 2-year highs

The stocks on the European bourses tracked the positive tone seen in their Asian counterparts and set-off November on a firmer footing, reaching the levels not seen since August 2015.

Germany’s benchmark index, the DAX 30 rallied hard and hit record highs near 13,450, up +1.65% on the day. The German stocks joined the European rally, catching up with its regional peers after yesterday’s holiday. The pan-European benchmark, the Euro Stoxx 50 climbs +1.23% to 3,705 levels.

The sentiment on the European markets was boosted by solid corporate earnings and record high Wall Street stocks while rallying oil prices also propped up the resource and energy sector stocks on the region’s indices.

Meanwhile, the UK stocks derive support from upbeat UK manufacturing  and house prices data. However, the gains appear limited amid increased hopes of a BOE rate hike tomorrow.

Focus now shifts towards the FOMC decision and Trump’s announcement on the next Fed’s Chair later on Wednesday, which will drive the sentiment around the global stocks going forward, with the US stocks called higher. The S & P 500 futures advance +0.44% to 2,583 and Dow 30 futures rise +0.51% to 23,445 points.