NEW YORK ( BBH FX Strategy) - Following Wall Street's lead into the close Tuesday, market sentiment continued to improve overnight and into the European session.The S&P 500 rose 4% in the last hour of trading on news that European financial ministers were working on a plan to coordinate support for European banks. Comments from International Monetary Fund's Antonio Borges suggested the IMF could also play a role in supporting the secondary bond market. This followed indications from Japan that it was willing to up its investment in the European Financial Stability Facility. As a result, stocks continue to move higher, while short-term bund and gilt futures push lower. Moody's rating downgrade for Italy is having a limited impact, with European banking shares are up nearly 2.5%. Eurozone data showed softer PMI and retail sales.