LIVE MARKETS-Frankfurt tops the charts, Madrid back to 2008 levels

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FRANKFURT TOPS THE CHARTS, MADRID BACK TO 2008 LEVELS

No nasty surprises from Big Tech earnings and the almost certainty of another ECB rate cut after a steady Fed overnight is driving optimism around Europe Inc to a new level, just as the earnings season is getting into high gear.

Disappointment over Deutsche Bank's DBKGn.DE efforts with cost control and a small retracement in rising star SAP SAPG.DE have not prevented the DAX .GDAXI from hitting a new lifetime peak, bringing year-to-date gains to 9%.

That makes Frankfurt the best performing top European bourse this year, and has added to the widening gap versus Wall Street, where the S&P 500 has risen just 2.7%.

Things are going well in Madrid as well. Solid bank earnings there have pushed the IBEX .IBEX to highs not seen since June 2008, taking aim at the steep slope that followed the start of the global financial crisis.

The region wide STOXX 600 .STOXX nudged up to a new record peak too, up 0.5%.

(Danilo Masoni)

EARLIER ON LIVE MARKETS:

BEFORE THE BELL: MAG7 MIXED, BIG EARNINGS DAY IN EUROPE CLICK HERE

ECB UP NEXT AFTER FED LACKS CLARITY CLICK HERE