Yesterday the FTSE 100 jumped 2.1% to close at 5,777.34 points after the ECB president Mario Draghi announced potentially unlimited bond purchase plans and yields on benchmark Italian government debt touched five-month lows.

US markets posted similar gains with the S&P 500 up 2.04% to 1,432.12 as investors took comfort from the ECB that peripheral countries would be supported.

Borrowing costs for some of the larger economies, such as Spain and Italy, had in recent months risen to levels considered unsustainable. This lead to concerns they would no longer be able to borrow any more money, potentially derailing the global economic recovery.

Asian markets, which rely heavily on Europe for exports, posted significant gains with Japan’s Nikkei 225 up 2.20% to 8,871.65 while the Hang Seng index climbed 2.60% to 19,709.17.

However, the Shanghai index was soaring ahead, jumping 3.77% to 2,129.20.