LONDON - Britain's top share index closed 2.3 percent higher, as heavyweight commodity and bank issues rallied on renewed hopes over the gathering pace of the global economic recovery, ahead of the third-quarter US earnings season. The FTSE 100 closed at 5,137.98 points, up 113.65 or 2.26 percent.

@MARKET ROUNDUP:EUROFIRST

EUROPE - European shares ended sharply higher, boosted by financials and oils, as investors flocked into the market after Australia's move to raise rates revived expectations of a global economic recovery.

The FTSEurofirst 300 index of top European shares closed 2.2 percent higher at 992.76 points after rising 0.8 percent on Monday on stronger-than-expected US service sector data. The index, which slumped 45 percent last year, is up 19 percent in 2009 and has surged 54 percent since March lows.

@MARKET ROUNDUP:EUROmarkets

FRANKFURT - The DAX index ended at 5,657.64 points, up 148.79 or 2.7 percent.

PARIS - The CAC-40 index closed at 3,770.21 points, up 95.2 or 2.59 percent.

ZURICH - The Swiss market index closed at 6,277.16 points, up 114.26 or 1.85 percent.

MILAN - The FT IT All Share index closed at 23,940.48 points, up 615.05 or 2.64 percent.

@MARKET ROUNDUP:nikkei

TOKYO - Japan's Nikkei average inched up 0.2 percent in see-saw trade as bank shares such as Mitsubishi UFJ Financial Group climbed after Goldman Sachs upgraded the US banking sector. The Nikkei rose 17.31 points to close at 9,691.8.

@MARKET ROUNDUP:hang seng

HONG KONG - Hong Kong stocks closed up for a second straight session, spurred by gains on Wall Street overnight, while higher gold and copper prices fuelled a rally on commodity-related shares. The Hang Seng Index ended up 1.87 percent, or 382.46 points, at 20,811.

@MARKET ROUNDUP:asx

SYDNEY - Australian stocks rose 0.4 percent, trimming early gains after Australia's central bank raised rates off record lows, saying that the worst had passed for the economy. The S&P/ASX 200 index gained 18.3 points to 4,591.6.

@MARKET ROUNDUP:south africa

JOHANNESBURG - South Africa's rand rallied against a weaker dollar while stocks rose for a second straight day boosted by a rally in commodity prices and tracking positive international markets. The All-share index closed at 25,019.72 points, up 358.19 or 1.45 percent. The All Gold index closed at 2,633.7 points, up 165.73 or 6.72 percent, while the Industrial index closed at 19,820.94 points, down 1.46 or 0.01 percent.