SCOREBOARD: European hoist

Strong German manufacturing data and Portugal's successful bond sale drove record highs in European and US markets.

Stocks pushed higher around the globe last night, with the excitement starting in Europe after data showed German factory orders surged 2.2 per cent in March following a similar gain the month prior. Strong gains. Throw into that the fact that Portugal undertook its first bond sale since requesting a bailout, which was a huge success. They sold €3 billion worth of 10-year bonds, attracting €10.2 billion in bids at a yield of 5.67 per cent, which is one of the better ones going around.

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