European stock markets extend gains as FTSE 100 edges above 7,450

The European stock gains have now extend a bit further and that has been led by a rebound in the CAC 40. The FTSE 100 and DAX are higher too and close to session highs as the US markets still look set to open. The one index that is not so certain to do that is the Nasdaq 100, as noted here earlier this afternoon. Given the lack of fresh news the price action is still quite sporadic here in Europe and subject to quite rapid mood swings. The overall outlook on both sides of the pond is still quite positive and continues to feed off a lack of deterioration in the Middle East situation. The FTSE 100 is just now testing session highs close to 7,450 which is in contrast to earlier lows not far above 7,350. If an extended move above 7,450 does unfold, there are a series of further resistance levels clustered around the 7,500 handle. The index is just now trading at 7,455