S&P hits five-month high as FTSE passes 5,700

The S&P 500 has risen 1.2% to 1,295, its highest level since 1 August, helping extend gains in the UK and Europe.

London's FTSE 100 is now up 1.7% at 5,705, its highest intra-day level since  28 October. The German Dax has jumped 2.52% to 6,168.9 and the French Cac 40 has surged 2.55% to 3,207.43. Meanwhile the price of Brent Crude has climbed 1% to reach $113.35 per barrel. Investors were cheered by gains in Asia overnight where both Chinese and Japanese shares rose sharply. Chinese markets were lifted after the government hinted it may implement further quantitative easing, despite reports of slowing export growth in the region. The Shanghai Composite index gained 2.7% on the news. Coming...