Global markets rebounded overnight, with US stocks snapping a three session losing streak driven by economic growth concerns and fighting in the Middle East.

The bulls dominated proceedings on Wall Street, as the S&P and Dow Jones recorded their best one-day gain in more than 5 weeks.

A surge in new US home sales to a six-year high, along with dovish comments from two Fed officials, contributed to the positive vibe on the Street.

In Europe, stocks rallied even though data showed German business confidence hit its lowest level in more than a year.

Instead, traders bet that slowing German growth will encourage the ECB to be more aggressive in its efforts to stimulate the eurozone economy.

Among the major commodities, oil extended its gains after weekly inventory data showed an unexpected decline in US crude supplies.

The rebound in global equities contributed to a slight fall in the price of gold, whilst iron ore held steady after days of heavy selling.

In currency trading, the greenback rose against most of its rivals thanks to the stronger-than-expected new home sales data.

Elsewhere, the euro slid to a 14-month low due to worsening fears over the health of the German economy.

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