The FTSEurofirst 300 index closed 0.6 percent higher at 1,018.00 points. The Dow Jones industrial average rose up 118.20 points, to close at 10,185.53. The Standard & Poor’s 500 Index climbed 15.32 points, to close at 1,089.19. The Nasdaq Composite Index jumped 23.85 points, to close at 2,171.20.The Nikkei was up 166.07 points at 10,371.09. The Topix jumped 1.6% to close at 912.82.

Yesterday, US President Barack Obama pledged to halve the 2010 budget deficit by the end of his first term in office. He also stated that dealing with unemployment was his main priority. Last month manufacturing activity increased around the globe as economies emerged from recession. In Jan, the UK factory activity expanded at its fastest pace in 15 years. So far this year Eurozone government borrowing from the bond markets has topped a record €110bn (£96bn), which in turn raised deficit costs for weaker European nations with high debt levels e.g. Greece.

Due for release today was the AUD Cash Rate, AUD RBA Rate Statement and the USD Pending Home Sales m/m.

By Greg Secker

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