European stocks join global risk-on rally, upbeat Ifo underpins

The European stock markets extended bullish run for the second straight session on Wednesday, as global risk-on wave grips the European indices amid rallying oil prices. Both crude benchmarks traded almost 1.50% higher above $ 49 threshold.

Adding further to upbeat sentiment across Europe, the German Ifo business climate survey bettered expectations and provided fresh impetus to the German stocks. The German Ifo report revealed 107.7 points for the Business Climate Index in May after 106.6 before, while markets had forecast 106.8.

Further, markets appeared to have ignored downbeat corporate news, especially the one from the UK retailer Marks & Spencer, who’s shared plunged 8% after its pre-tax profits showed a slump of 18.50%. While the European traders cheered improving US economic outlook, especially after the housing data surprised to the upside.

Meanwhile, Germany's DAX 30 index rises 1.09% to trade at 10,169, while the UK's FTSE 100 index advances +0.56% to 6,254. Among the other indices, the French CAC 40 index trades +0.80% at 4,466, while the pan-European Euro Stoxx 50 index jumps +1.10% to 3,050.