Daily market snapshot: Cyclicals lead European rally

European markets have opened very strongly this morning with the DJ Euro Stoxx 600 up 1% and the FTSE All-Share up 1.3%.

There is widespread strength across all sectors with the more cyclical areas (basic materials, financials and oil & gas) leading the rally. US equities finished mostly lower on Tuesday, with trading fairly subdued ahead of a pickup in activity on the earnings calendar over the next few days, particularly for the financials and technology sectors. The S&P 500 was down 0.3% and the Dow Jones was down 0.2%. There was renewed selling pressure in managed care stocks as the passage of healthcare reform legislation progressed in Congress. Previous working day closing figures: Dow Jones: ...