Basic resources and miners lift FTSE 100 to levels not seen before

As the European equity markets move into their second hour of trading the gains are extending. The CAC 40 has risen above 7,700 and the DAX has now surged above 20,750 and close to 20,900. Earlier this morning that was a level noted and could provide a degree of resistance. At the same time the FTSE 100 has pushed its way to a new record high, above 8,474 and the move higher is being fuelled by the basic resources and mining sectors, as merging speculation helps to dive the gains. The gains here in Europe have now helped to lift the US futures and that in turn is underpinning the moves here in FTSE and the DAX. The FTSE 100 is right now trading around 8,480