Stock markets in Europe and North America have bounced back a bit to start the week, clawing back some of Friday’s losses. There has been no major news over the weekend, so this appears to be normal trading driven by short covering and bargain hunting so far. Some of the improvement may be due to receding fears that a Syriza win in this month’s Greek election could lead to a quick exit of Greece from the Eurozone. It increasingly looks like negotiations to keep Greece in the group and deal with its problems could be more likely. Greek Treasury yields have dropped back under 10.0% today. Trading in other markets, however, remind us that things aren’t rosy out there either. Crude oil is diving again today with both WTI and Brent falling over 3% as the street continues to lower price forecasts and traders start to realize that this price war could go on for a long time. Gold is slightly higher while EUR is slightly lower as traders await next week’s ECB meeting for an indication of how much stimulus could be on the way. AUD and NZD have turned south again ahead of tonight’s China trade figures. Corporate News Canadian Natural cuts 2015 capital expense budget to $6.2B from $8.6B SanDisk cuts Q4 revenue guidance to $1.73B from $1.80-$1.85B Economic News Economic reports released overnight and this morning include: Australia home loans (0.7%) vs street 1.7% India industrial production 3.8% vs street 2.3% Economic reports due later today include: 12:40 pm EST Atlanta Fed President Lockhart speaking 9:00 pm EST China trade balance street $49.0B