ECB stimulus hopes boost world markets

World stock markets mostly rose Thursday, boosted by positive economic news from the U.S., expectations of stimulus in Europe and stabilization in oil prices after sharp falls.

It was the second day of gains for stock markets this week after a torrid start to the year dominated by a plunge in oil prices and doubts about the strength of the global economy. In early European trading, France's CAC 40 jumped 1.6 percent to 4,179.59 and Britain's FTSE 100 climbed 1.3 percent to 6,502.48. Germany's DAX was up 1.3 percent at 9,642.24.

Futures pointed to gains on Wall Street. Dow and S&P 500 futures advanced 1 percent.

Data offered more evidence the U.S. economy is on a steady footing. A report from ADP, the payroll processor, showed that businesses added 241,000 workers in December, an increase from the previous month. Minutes from the Federal Reserve's last meeting reinforced expectations it won't raise interest rates until the middle of the year or later.

Markets got a perverse boost from European data that showed consumer prices fell in December for the first time since 2009. That increases pressure on the European Central Bank to provide more stimulus for the region's flagging economy in the form of quantitative monetary easing. Many analysts expect the bank to announce plans to buy government bonds later this month.

"Equities are enjoying some relief as investors react to the prospect of further central bank easing, with the ECB in focus," said IG strategist Stan Shamu in a report.

U.S. crude oil was higher after diving to near a six-year low earlier in the week. The plunge in oil prices the past three months has unnerved markets as it suggests weakness in the global economy. Part of the fall, however, is due to oversupply as producers maintain production levels to avoid losing market share. Benchmark U.S. crude was up 8 cents at $48.71 a barrel in electronic trading on the New York Mercantile Exchange. It rose 72 cents to close at $48.65 on Wednesday. Brent crude was down 4 cents at $51.11 on the ICE exchange in London.

Japan's Nikkei 225 rose 1.7 percent to 17,167.10 and Hong Kong's Hang Seng added 0.7 percent to 23,835.53. South Korea's Kospi gained 1.1 percent to 1,904.65 and Australia's S&P/ASX 200 rose 0.5 percent to 5,381.50. Markets in Southeast Asia and India also rose.

The euro dropped to $1.1813 from $1.1842 late Wednesday. The dollar rose to 119.82 yen from 119.29 yen.