Money is flowing to Europe at the moment, with some big gains in stock markets today led by defense.

• STOXX 600 +1.2% to record high
• DAX +2.6% to record high
• FTSE 100 +0.7% to record high
• French CAC +1.2%
• Spain IBEX +0.3%

Cheap valuations and a hated market can lead to some incredible rallies.

This article was written by Adam Button at www.forexlive.com.