European stocks are set to open higher for a third consecutive session as global markets extend a rally that has lifted benchmarks to all-time highs amid surging U.S. corporate earnings and a steadying political landscape.

Financial bookmakers are expecting both the DAX and the CAC-40 to start the session with modest gains, with the former testing another all-time high and the latter approaching levels last seen during the run-up to the global financial crisis.

Credit Suisse (CS) - Get Report shares will also be in focus in Zurich after the bank said it will raise around $4 billion in a rights issue that will seek to bolster its balance sheet as European rivals scramble to improve their financial foundations and increase lending capacity. The capital raising plans come as the bank posted first quarter earnings that showed adjusted pre-tax profits of Sfr889 million ($895.5 billion) on a 19% increase in total group revenues of Sfr5.5 billion.

Credit Suisse shares closed at Sfr15.30 each in Zurich Tuesday after rising 1.66% on the session. The stock has risen around 4.7% so far this year against an 8% advance for the Stoxx Europe 600 Banks index.

Britain's FTSE 100, however, may slip in the opening minutes of trading as investors factor in the stronger pound sterling, which is marked at 1.2836 against the U.S. dollar, and weaker oil stocks, which have been held down by slumping global crude prices.

In fact, crude came under further pressure overnight after data from the American Petroleum Institute showed that U.S. crude inventories rose by 879,000 barrels last week to a fresh record high of 532.5 million.

If the figures are confirmed later today by the Energy Information Administration, it will likely add to further bearish bets that a glut in supplies will offset speculation that OPEC members will attempt to extend their agreed production cuts beyond the June deadline when they meet next month in Vienna.

WTI futures for June delivery were marked 0.26% lower from Tuesday's close at $49.43 per barrel while Brent contracts for the same month were seen 0.23% lower at $51.98 per barrel.

The MSCI Asia ex-Japan index added 0.3% by 06:45 GMT as the region-wide benchmark hovered near a two-year high as investors took confidence from yesterday's rally on Wall Street which lifted the Nasdaq composite index past 6,000 for the first time and boosted the Dow Jones Industrial Average into back-to-back triple digit gains.

Currency markets were also active overnight, with the euro extending gains to 1.0940, the highest since early November, after a Reuters news report that the European Central Bank might consider tweaking the language in its regular policy statement to allow for a gradual withdraw of stimulus from the region's recovery economy.

The advance, as well as the broader global risk sentiment, put downward pressure on the U.S. dollar, which fell 0.1% to 98.54 against a basket of six global currencies.

Early indications from U.S. futures prices are suggesting a third day of gains for Wall Street, with the Dow poised to gain 20 points at the bell, but with another active slate of corporate earnings, including bluechip Boeing Co. (BA) - Get Report , Northrup Grumman Corp. (NOC) - Get Report , and Twitter Inc. (TWTR) - Get Report , those expectations are likely to change significantly before the opening bell.