Global markets rose overnight, lifting the S&P 500 to a record high as concerns about Europe's economy eased and data pointed to stronger growth in the US.

A gauge of confidence among US home builders rebounded this month, whilst producer prices rose unexpectedly in October, boosting confidence in the American economy.

In Europe, German stocks surged to their highest levels in more than a month, after a leading economic-sentiment indicator unexpectedly swung back to positive territory this month.

In commodity markets, iron ore was hammered to the tune of four and a half percent after data showed Chinese home prices contracted last month, fuelling fears of a deepening economic slowdown.

Elsewhere, gold snapped higher as the greenback eased against major currencies whilst oil was weaker amid uncertainty about the outcome of next week's OPEC meeting.

The yen remained under pressure after Japanese Prime Minister Shinzo Abe said he will delay a planned increase in the sales tax and called for snap elections, creating uncertainty for the Japanese economy.

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