Angela Merkel said the debt solution for the region would be a marathon. French president Sarkozy worried that the eurozone could break apart. The ECB may not be part of a bailout program. But, Europe rallied.
The FTSE 100 was up 1.52% to 5,573. The DAX rallied 1.73% to 6,143.
Banks were at the core of the rally due to a belief that a eurozone debt solution could save them hundreds of billions of dollars in write off. Auto stocks move higher after monthly US sales reached two years highs.
Perhaps surprisingly, mining stock moved up, perhaps because a global recovery will cause demand and therefore inflation. According to MarketWatch, BHP Billiton (NYSE: BHP) was up 4.5%. BP plc (NYSE: BP) rose as oil stayed above $100.
The mood in Europe may change quickly after US unemployment figures are released to 8.30 AM EST, which would be toward the close of the European markets. If the numbers are weak there could be a sharp downdraft before the end of trading..
Douglas A. McIntyre
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