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DAX extends gains above 18,700 in early trading

Understandably the European stock markets are buoyed by the prospect of an ECB rate cut later today. Well, as much as that seems to be priced into the EUR/USD right now, it appears not to be for the likes of the CAC 40 and the DAX. Both indexes are extending their opening gains right now, but surely what works for one asset class should work for another in that sense? So, if an ECB rate cut is priced in, then why are these stock markets extending their gains this morning? Well in truth that looks just as linked to the records across the pond last night, as much as anything the ECB has to throw at it later on. That said, there is potential for a reversal in those stock markets too. Right now not many seem to think so, as the DAX extends its opening gains above 18,700, currently trading at 18,725

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