Global equities got off to a flying start on the first day of trading in 2007, with European shares hitting their highest levels since February 2001 and several Asian bourses hitting fresh all time highs.

Even though volumes were low, with Wall Street, Tokyo and some other markets closed and little in the way of fresh economic data to provide momentum, widespread optimism about the prospects for equities in 2007 drove shares sharply higher in the markets which were open.