European Markets as Global Leaders?

European stocks climbed to a five- year high on speculation the Federal Reserve will cut interest rates in the world's largest economy. The European Central Bank probably will today raise its benchmark interest rates to keep inflation in check.

In Technology shares, Infineon, Europe's second-largest chipmaker and SAP, the world's largest maker of business-management software drove the European stocks. In Energy shares, BP, Europe's No. 2 oil company and Royal Dutch Shell Plc shares gained heavily.

Europe’s share of global financial markets rose in the past five years compared to America, a survey by International Financial Services London. Between 2001 and 2005, Europe’s share of global business, relative to the US, grew in all categories.

I think Slow down in US creating the opportunity for emerging markets to strengthen themselves in global markets.