Global markets enjoyed monster rallies overnight amid hopes the ECB will ramp up the pace of stimulus in response to tepid eurozone growth.

The outsized gains followed a report suggesting Europe's central bank is considering buying corporate bonds to beef up its stimulus program.

Strong corporate results in the US added to the positive vibe. Apple led a wider tech rally after reporting a 13% jump in quarterly profit due to strong iPhone 6 demand.

In commodity markets, oil posted a solid gain after yesterday's data that revealed China's economy grew at a faster-than-expected pace in the previous quarter.

Gold was also stronger in the wake of reports the European Central Bank may inject liquidity into the eurozone financial system via corporate bond purchases.

The euro was the big loser in currency markets due to the ECB speculation. The euro dollar faced added pressure from existing US home sales data, which indicated the American housing market is on the mend.

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