Asian and European stocks inched higher as investors shrugged off concernsabout US inflation following a surprise oil production cut by OPEC alliance.

Most of the shares in Asian Market ended with gains except South Korea's Kospiindex, which fell 0.2 per cent, as investors further digested key manufacturingdata in the region. China's Shanghai Composite rose nearly one percent whileHong Kong's Hang Seng closed almost flat. Japan's Nikkei-225 advanced half apercent and Singapore's Straits Times surged 0.7 per cent.

European Markets were trading on firm footing in intra-day trade. Germany's DAXwas trading almost flat in positive territory, France's CAC-40 gained half aper cent and London's FTSE-100 grew 0.8 per cent when reports last camein.