Wall Street opened higher today as optimism from early-stage talks in Congress about tackling the US fiscal cliff spread to markets worldwide.
Key Asian markets showed resilience from global growth fears as the main Hong Kong and Chinese stock markets rallied strongly overnight, though Japanese stocks bucked the trend.
Global markets sold off this morning as bullish sentiment over central bank moves showed signs of losing momentum.
The FTSE 100 looks set to replicate the falls seen in Asian markets overnight as weak manufacturing data from China dragged on shares and sent metal prices downwards.
Asian markets continued the global stock market rally, following yesterday's unveiling of the ECB's bond buying plans, with some indices up 3.8%.
European stocks are climbing after a four day sell-off, following a pledge from European Central Bank president Mario Draghi that the ECB will "do whatever it takes to preserve the euro".
Stronger than expected employment data could not prevent Wall Street selling off at the open this afternoon.
Investors piled into risk assets today as the results of last night's summit talks in Europe gave investors hope that an end to the crisis is in sight.
Wall Street opened higher this afternoon as investors anticipated central bank stimulus measures would be forthcoming when the Federal Reserve's policy meeting concludes on Wednesday.
The positive impact of China's rate cut was dampened overnight in Asian and US markets as Ben Bernanke failed to clarify the Fed's policy approach in a speech yesterday.