European indices are on the rebound and gold has slipped back a bit this morning with some traders breathing a sigh of relief as Greece remained in the Eurozone through the weekend. This leaving me to wonder if we are going to see a Friday selloff, Monday bounce every weekend for a while. Greek treasury yields continue to climb today though, so this crisis isn’t over yet by any stretch. US indices are following their European counterparts higher today getting a boost from Q1 earnings reports with Morgan Stanley and Hasbro beating the street while Halliburton’s report showed the continuing impact of the oil price crash on the service sector. China announced another surprise stimulus move, cutting reserve requirement ratios for banks by another 1.00%. Asia Pacific indices and crude oil have fallen on the news which suggests that the stimulus moves have created more worry around the street about how weak China’s economy really is and why so many stimulus moves in such a short period of time? Currency trading today finds USD on the rebound while EUR has turned south again as the Greece situation drags on and on without resolution. NZD is the top performer on a better than expected NZ service PMI report. CAD is also among the leaders of the pack ahead of a speech today by Bank of Governor Poloz and after more reports over the weekend that the central bank is likely done cutting interest rates for now. Corporate News Halliburton $0.49 vs street $0.37, GAAP ($0.75) on restructuring charges as margins getting squeezed as customers cut budgets and demand lower prices, Baker Hughes acquisition pending. Morgan Stanley $0.85 vs street $0.78, 50% dividend increase Hasbro $0.21 vs street $0.08, sales $713M vs street $662M Economic News Economic reports released overnight and this morning include: People’s Bank of China cut bank reserve requirements by 1.00% to 18.50% Germany producer prices (1.7%) vs previous (2.1%) Eurozone construction output (3.7%) vs previous (3.0%) UK Rightmove house prices 4.7% vs previous 5.4% NZ service PMI 57.6 vs previous 55.6 NZ Q1 consumer prices 0.1% vs previous 0.8% Economic reports due later today include: 9:45 am EDT ECB QE program purchases update 10:05 am EDT Bank of Canada Governor Poloz speaking