Global markets climb overnight

European markets surged higher, despite the discovery of an $8 billion fraud at the French banking giant, Societe Generale.

On Wall Street, the technology sector led the way higher after some encouraging profit numbers from Qualcomm and Xerox.

The defence contractor, Lockheed Martin, also posted solid earnings and raised its full-year forecast.

However, US investors were somewhat hesitant early on, as they assessed the Bush administration's economic stimulus package.

On the New York Stock Exchange, the Dow Jones industrial average closed up 108 points at 12,379.

The high-tech Nasdaq composite index climbed 44.5 points to 2,361, a gain of 1.9 per cent.

Earlier in Europe, the previous session's big losses were more than recouped.

Prices on the French bourse soared more than 6 per cent, while the German market gained almost 6 per cent.

London's FT-100 index surged 267 points to 5,876, a jump of 4.75 per cent.

Yesterday in Australia, the market continued to recover strongly.

The All Ordinaries index added another 160 points to the 224 point leap of the previous day to close at 5,606.

That was a further rise of almost 3 per cent.

Gains were across the board, led by the finance sector.

National Australia Bank shares jumped $1.34 to $33.75.

However, Woolworths was down 35 cents to $29.75.

On overnight trade on the Sydney Futures Exchange the Share Price Index 200 contract closed up 76 points at 5,619.

The 10-year bond contract were down 4 points at 93.93, with the implied yield rising to 6.07 per cent.

On foreign exchange markets, the Australian dollar rallied again overnight.

Shortly before 8:30am AEDT it was being quoted at 88.14US cents, up two-thirds of a cent on yesterday's local close.

On the cross-rates, it was at 0.5968 euros, 94.18 Japanese yen, 44.57 pence sterling, and against the New Zealand dollar it was at 1.139.

The gold price rose overnight to $907.35 US an ounce.

West Texas crude oil climbed $2.33 to $89.98 US a barrel.
Source: By Australian Broadcasting Corporation