European shares rallied in tandem with their Asian counterparts, after weaker-than-expected China growth data for 2015 raised pressure on Chinese officials to expand both monetary and fiscal stimuli. The pan-European index FTSEurofirst rose nearly 2% to 1,318, after slipping below 1,300 yesterday to a 13-month trough. Germany's DAX added 170 points, or 1.80% to trade at 9,692, while France's CAC 40 index comfortably outpaced the wider market, surging a hundred points, or 2.35% to 4,286. Britain's FTSE advanced 113 points, or 2% to 5,893.

Wall Street opened deep in the black, with Dow Jones rising 145 points, or 0.90% to 16,130. NASDAQ gained 42 points, or 0.95% to trade at 4,530. S&P 500 climbed 15 points, or 0.80% to 1,894.

Oil prices took relief from data showing China's oil consumption at a record high in December, wiping out fears of waning demand in the world's second largest oil consumer despite the weakening economy. Brent crude futures added 70 cents, or 2.54% to trade at $29.18 a barrel. U.S. crude however gave up some ground to trade at $30.17, but still holding on to its premium over Brent.

Britain's CPI for December rose unexpectedly by 0.2% y/y, compared to forecasts of a 0.1% growth. Sterling brushed off the positive data however after Mark Carney, BoE Governor said that he has no timetable for raising interest rates, and that he's going to wait for stronger growth and inflation first. The pound slid 0.37% against the dollar to 1.4193, while giving up 0.27% versus the euro to 0.7680. Sterling edged down 0.16% against the yen to 166.84.

Copper held on to its morning gains, up a handsome 2.33% for the day at $1.988 a pound, and inching closer to the 2$ mark. Silver was up 1.14% at $14.03 an ounce, resisting pressures to fall below $14. Gold gave up ground however as it lost its safe-haven value, with the yellow metal's futures dipping four dollars, or 0.36% to $1,085 an ounce.