Fed chief Janet Yellen’s dovish talk yesterday and the resulting drop in the Fed rate hike bets is being cheered across European equity bourses. At the time of writing, Stoxx 50 index was up 1.3%. Germany’s DAX, France’s CAC and UK’s FTSE were all up at least 1.3%. Oil strength in Europe is helping mining stocks rally. London listed Anglo American and Glencore were up 10% and 6.2% respectively. Norway’s Subsea 7 was up 4.4% as well. The risk-on action comes after Federal Reserve chair Janet Yellen’s speech, which indicated markets the central bank is proceeding cautiously amid weaker-than-expected global growth and gloomy US outlook. For more information, read our latest forex news.