European stocks extend rally for 3rd day in a row

The European equity markets opened Wednesday on a firmer footing, and went onto extend the rally for the third straight session, with sentiment lifted by an extended rally in the banking sector stocks, in response to reports of a multi-billion euro rescue plan for failing Italian lender Banca Monte dei Paschi.

Moreover, increased expectations that ECB will announce an extension of its QE programme beyond March 2017 also lifted the moods around the corporate world. While a minor-rebound staged by oil prices further added to the strength behind the European indices.

Meanwhile, Germany's DAX 30 index rallies +1.40% to 10,700 levels, while the UK's FTSE 100 index jumps +1.33% to trade around 6,870. Among the other indices, the French CAC 40 index advances +1.02% to 4,680 while the pan-European Euro Stoxx 50 index climbs +1.06% higher at 3,135 points.