Asian markets were cheered overnight by upbeat data from China, which showed the service sector in the world's second-largest economy hit strengthened to its highest level in seven months. "Better-than-expected services PMI numbers from China, increased hopes that the ECB would act to stimulate the struggling eurozone economy and hopes of a lasting ceasefire between Ukraine and Russia all combined to drive sentiment," Tony Cross, a market analyst at Trustnet Direct, said.
The positive sentiment was also buoyed by hopes the ECB may move to stimulate Europe's lagging economy on Thursday, when both it and the Bank of England are due to meet. "Given the slew of negative economic numbers we've seen out of the eurozone this morning, there's certainly added weight on (ECB President) Mario Draghi to act," Valutrades analyst Joao Monteiro said.
Read more here: Business Spectator