With fears surrounding tensions between Russia and Turkey fading, Asian stocks rose higher on Thursday owing to expectations of an additional stimulus from the European Central Bank. The Euro however dipped down towards seven-month lows with bond yields falling even as European shares rallied as talk about the aggressive stimulus from the ECB next week gained traction. The firm gains were experienced as shares on Wall Street closed flat overnight in a holiday lull.

According to a Reuters report on Wednesday, central bank officials within the Euro zone have been considering options such as staggered charges on the banks hoarding cash, as well as buying more debt, ahead of the ECB meeting slated for next week. This has fueled sentiments that the ECB is ready itself for aggressive measures meant to lift economic growth and inflation in the 19-member trading zone. A brief outlook of the events:

TURKEY-RUSSIA RELATIONS: After Turkey shot down a Russian warplane which entered Turkish territory from Syria, Asian markets experienced a dip earlier in the week. As Angus Nicholson, a market analyst with IG observed, the statement issued by Russia’s foreign minister have eased investor concerns since it stated that Russia is not prepared to heighten tensions with the nation of Turkey.

FOCUS ON EUROPE: Reports that officials of the ECB have been considering options for additional easing were brought to bear the Euro. The governing council of the ECB is set to meet next Thursday in Frankfurt, Germany, in order to a monetary policy for the 19-nation European bloc. Quantitative easing has already deployed by the ECB, with some market analysts expecting more measures will be deployed to help revive the moribund economy of Europe as well as avoid devaluation.

Chris Weston, the chief market strategist at IG in Melbourne, Australia, said, “Mario Draghi [ECB President] cannot be second-guessed. Every time we think easing has been priced in, we hear about new measures that serve to raise the expectations of the markets even more”. After media reports on the new stimulus package in Europe, Weston observed that there were signs showing the “market has become very excited.”

Meanwhile, data showed that consumer spending in the U.S. rose by 0.1 percent last month while, after two months of decline, spending on manufactured goods had significantly improved in October. Market analysts indicate say the latest data adds weight to arguments for the Fed to raise interest rates next month. The Nasdaq composite index rose by 13.33 points [0.3%] to 5,116.14 while the Dow Jones industrial average gained 1.20 points to 17,813.39 as the S&P 500 fell by 0.27 points to 2,088.87.

During electronic trading in the New York Mercantile Exchange, the Benchmark U.S. crude rose by 16 cents to $43.20 a barrel while in New York, Wednesday, the contract gained 17 cents [0.4%] to close at $43.04. Benchmark for international oils, Brent crude, gained 8 cents to close at $46.25 per barrel in London. Japan’s Nikkei 225 gained 0.6 percent to close at 19,959.26 while the South Korean Kospi rose 1 percent to close at 2,029.13. Hong Kong’s Hang Seng went up 1 percent to 22,728.93 as Australia’s S&P/ASX 200 index gained 0.6 percent to 5,224.10.

Stocks prices in Southeast Asia, Taiwan and mainland China also rose. In the U.S, the markets will remain closed on Thursday for Thanksgiving, to reopen Friday but close again by 1 p.m. Eastern time. In comparison to the Yen, the dollar went from 122.69 to 122.58 against the yen during the previous trading session. The Euro remained unchanged at $1.0624.