Global stocks are extending their recent rally despite a surprise decision from the Bank of England
Asian stocks finished mostly higher as crude oil rebounded from
Wednesday's sell-off. The majority of markets in the region are extending their gains to a fourth straight day, as stimulus expectations grow following this week's
election results in Japan. Japan's Nikkei added 1% today, bringing its week-to-date gains to 8.5%, with the yen weakening against the dollar.
The largest gainer in the region was Hong Kong's Hang Seng, up 1.1% for the session. South Korea's Kospi climbed a modest 0.2% after the country's central bank kept interest rates unchanged. Finally, China's Shanghai Composite bucked the bullish global trend, giving up 0.2%, as traders panned disappointing trade data.
European markets are in positive territory at midday, after U.K. Prime Minister Theresa May took office on Wednesday.
The Bank of England (BoE) surprised investors by keeping interest rates unchanged, sending the pound soaring. BoE officials stated they wanted more time to collect economic data following last month's "Brexit" vote, but expect to put forth stimulus measures in August. London's FTSE 100 was last spotted up 0.1%, while the French CAC 40 and German DAX are sitting on more impressive gains, at 1.1% and 1.3%, respectively.
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