Markets up despite banks' LIBOR investigation

Markets were unfazed by the hefty fines facing financial institutions and posted gains around the world overnight.

Asian and US exchanges were in positive territory on the back of positive US economic data. The MSCI Asia Pacific index was up 0.9% while Japan's Nikkei 225 moved 1.7% higher to 8,877.86. In the US, the S&P 500 posted a gain of 0.9% to close at 1,331.85. Data showed US home sales and durable goods orders rose more than expected. Investors also likely to be optimistic of measures to alleviate the suffering European economies being unveiled at the EU summit taking place today and tomorrow. However, as it emerged 12 financial institution are facing huge fines - such as the recor...