Global markets extended gains overnight, with further gains seen on both sides of the Atlantic.

European stocks climbed, with the Stoxx Europe 600 Index extending its highest level since June 2008, as companies from ING to Deutsche Telekom posted quarterly earnings that beat estimates.

In London the UK's FTSE 100 added 26 points (+0.4%) to settle at 6583, whilst the German DAX put on 68 points (+0.8%) to finish at 8250. US stocks rose, sending the S&P 500 Index to a record for a fifth session, amid better-than-projected earnings forecasts.

The S&P rose 0.4% to 1,633, whilst the Dow added 49 points (+0.3%) to 15,105.

Crude rose to a one-month high after supplies fell at Cushing, Oklahoma, the delivery point for the contract. Oil for June delivery increased $1 to $96.62 a barrel on the New York Mercantile Exchange, the highest settlement since April 2.

Gold futures posted the biggest gain in almost two weeks as demand for bars and jewellery increased in India and China, the world's largest consumers of the metal.

Bullion for June delivery advanced 1.7% to settle at $1,473.70 an ounce on the Comex in New York, the biggest gain for a most-active contract since April 25.

The euro rallied the most in three weeks against the dollar as German industrial production unexpectedly rose for a second month in March, a sign that Europe's largest economy may be returning to growth.

Today's session will bring us important data in the form of the latest employment numbers and the unemployment rate, at 11:30am, AEST. There is also Chinese CPI and PPI data due out at 11:30am, which could have a big impact on our market.

Morning Market Update: Bulls Extending Gains is a post from: Australian Stock Report Market Pulse Blog