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Overnight Summary — World markets extend rally

The global equity markets are marching higher. S&P Futures are up about 35 points to trade around the 4570 area. It was another night in which Spoos traded in a narrow range throughout the Asian time frame before expanding once the European session got underway. The overnight range saw the low established at 4547.00 while the market is sitting just off the high of 4575.00.

In Asia, Japan saw a robust 1.7% rise. The Nikkei took its cue from Wall Street’s move on Tuesday and saw its winning streak hit three days. Nomura led financials higher, responding with a 7% advance following its third quarter update. Sony rose 5% ahead of its earnings. After the bell, the company reported better than expected results while reaffirming its fiscal year outlook. China and Hong Kong remained closed for the Lunar New Year holiday.

In Europe, the major bourses are echoing the tone seen in the US and Japan. With a light slate of economic data, corporate earnings took center stage. Novo Nordisk is up 3% after releasing fourth quarter results. Vodafone is also trading 3% better after providing a third quarter trading statement. Energy names, BP and Shell, are seeing some profit taking. Both stocks are off by about 1% after their recent run higher.