[BRIEFING.COM] S&P futures vs fair value: +15.40. Nasdaq futures vs fair value: +18.50.  European bourses are trading higher after the European Central Bank decided to cut its benchmark lending rate by 25 basis points to 1.25%. Financial outfits HSBC (HBC) and Standard Chartered are trading with marked strength on Britain's FTSE, which is up 2.7%. The FTSE's advance is also being helped along by metals and mining companies BHP Billiton (BHP) and Rio Tinto (RTP). Daimler is leading gains on Germany's DAX, which is up 4.0%. Allianz (AZ) and Siemens (SI) are also providing leadership. Meanwhile, France's CAC is up 3.4% as shares of financial companies BNP Paribas and AXA (AXA) drive higher. Total (TOT), however, is the providing the most leadership to the CAC. In Asia, the MSCI Asia-Pacific Index gained 4.6% following strong gains in the U.S, while Japan's Nikkei advanced 4.4% to notch its highest close in three months. Carmakers Toyota Motor (TM), Honda (HMC), and Nissan (NSANY) gained after reporting monthly sales drops that weren't quite as severe as expected. In Hong Kong, the Hang Seng closed 7.4% higher as HSBC (HBC) racked up gains ahead of an expected easing of U.S. accounting rules. Aluminum Corp of China (ACH) built on the previous session's rally after Alumina (AWC) raised spot prices. Meanwhile, mainland China's Shanghai Composite gained a more moderate 0.7%. Reports after the close indicated that China's manufacturing output expanded for the first time in six months.