The FTSEurofirst 300 closed up 0.9 percent to 1,027.18 points. The Dow Jones industrial average jumped 111.32 points, to end at 10,296.85. The Standard & Poor’s 500 Index gained 14.13 points, closing at 1,103.32. The Nasdaq Composite Index advanced 18.86 points, closing at 2,190.06. The Nikkei rose 33.24 points to close at 10,404.33, while the Topix gained 0.3% to 915.68.

Yesterday, a survey showed that pending sales of previously owned US homes climbed up as expected in December, which should ease fears of the renewed weakness in the troubled housing sector.  Today, the European Commission is set to approve Greece’s plans to cut its budget deficit below the European Union ceiling of 3% of the GDP by the end of 2012. Yesterday, Australia’s central bank shocked markets by skipping an interest rate. The Reserve Bank of Australia’s decision to keep its key cash rate at 3.75% was against the expectations of a rise to 4.0% and battered the local currency as investors slashed estimates of how high rates might climb in 2011.

Due for release today is the AUD Trade Balance, GBP Services PMI, USD ADP Non-Farm Employment Change, ISM Non-Manufacturing PMI, NZD Employment Change q/q and NZD Unemployment Rate.

By Greg Secker

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