Markets Around The World Are Rallying

REUTERS/Kyodo

Markets around the world are in the green. In what has been a very volatile year, this can be described as a rare sight.

Britain's FTSE 100 is up 0.6%.

France's CAC 40 is up 90%.

Germany's DAX is up 1.0%.

Spain's IBEX is up 1.1%

Italy's FTSE MIB is up 1.1%.

Later this morning, the European Central Bank will publish its latest monetary policy update. Most economists expect no change, however a few warn we could see an interest rate cut. This would come amid very anemic economic data highlighted by very low inflation.

In Asia, Hong Kong's Hang Seng closed up 0.7% and Australia's S&P/ASX is up 1.2%. Japan's Nikkei, however, closed down 0.1%. Electronics giant Sony announced a massive round of restrustructuring. Management expects to lose $1.1 billion for the year as it cuts 5,000 jobs.

U.S. stock market futures are pointing to a higher open. Dow futures are up 82 points, S&P 500 futures are up 10.7 points, and Nasdaq futures are up 22.7 points.