Most European markets strengthened overnight following the outcome of the weekend's parliamentary elections.

With US markets closed for the Memorial Day holiday, investors turned their attention to the latest political developments in Europe.

Results from the weekend's election indicated centre-left and centre-right parties will maintain a roughly 70% share of the EU legislature.

European equities gained as the far-right, anti-European Union, parties failed to garner enough votes to win control of parliament.

The German DAX soared to a new record high after Chancellor, Angela Merkel’s, party won the national election, whilst Italian banks soared as elections there indicated strong support for new PM Matteo Renzi.

There was no floor trading in commodities due the closure of markets in America and London.

In electronic trading, gold was flat while oil retreated after elections in Ukraine showed a billionaire businessman winning a clear majority of the vote.

The election outcome has raised hopes he will mend ties between Ukraine and Russia, easing fears of energy supply disruptions from the region.

In currency markets, the euro rose after ECB chief, Mario Draghi, indicated in a speech he was prepared to outline fresh stimulus measures in June.

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