The Dow kicked off a short but busy week with a 250 point gain building on earlier gains made by the Hang Seng and European indices. The Dax regained 12,000 although the Dow finished short of 18,000. A number of factors combined to enable stocks to bounce back today. Traders took the stimulus talk in China as a positive even though it means China’s economy appears to be really weak the PBOC and the government appear to be intent on doing something about the situation. The street also took Greece turning in a list of planned reforms on time as a step forward although the spectre of a possible debt renegotiation still looms. Finally, better than expected US personal income and pending home sales data helped to boost the bulls cause. This momentum has carried through to the end of US trading and overnight the S&P/ASX has been clawing back yesterday’s losses and moving into positive territory on the week. AUD and NZD have stabilized after slumping yesterday. US popped to start the week as comments from Fed Chair Yellen Friday and an increase in Core PCE inflation indicated the Fed remains on track toward raising interest rates this year. Looking forward now, the focus shifts to economic data for the next two days. Today is the end of the month and the quarter, so we may see some rejigging of positions, but also there are a ton on retail sales and employment numbers due out of Europe. Chicago PMI sets the stage for global PMI numbers on Wednesday. Also tomorrow, CAD could be active on the Canadian GDP report while ADP payrolls on Wednesday may also attract attention with many traders away when nonfarm payrolls come out on Friday. Corporate News There have been no major developments following the US close today. Economic News Significant announcements released overnight include: US personal income 0.4% vs street 0.3% US personal spending 0.1% vs street 0.2% US PCE core inflation 1.4% vs street 1.3% US pending home sales 12.0% vs street 8.7% Canada industrial prices 1.8% vs street 0.9% Canada raw material prices (6.1%) vs street (4.5%) and previous (7.7%) Germany consumer prices 0.3% as expected Spain consumer prices (0.7%) vs street (0.9%) and previous (1.2%) Upcoming significant announcements include: 11:00 am AEDT Australia new home sales previous 1.8% 11:00 am AEDT NZ ANZ business confidence previous 34.4 11:00 am AEDT NZ ANZ activity outlook previous 40.9 4:00 pm AEDT Japan housing starts street (6.8%) 7:00 am BST Germany retail sales street 3.4% 7:45 am BST France consumer spending street 2.6% 8:00 am BST Spain retail sales street 4.1% 8:55 am BST Germany unemployment change street (12K) 8:55 am BST Germany unemployment rate street 6.5% 9:00 am BST Italy unemployment rate street 12.6% 9:30 am BST UK GDP street 2.7% 10:00 am BST Eurozone unemployment rate street 11.2% 10:00 am BST Eurozone consumer prices street (0.1%) 10:00 am BST Eurozone core CPI street 0.7% 10:00 am BST Greece retail sales street (1.3%) 8:30 am EDT Canada January GDP street 2.4% 9:45 am EDT US Chicago PMI street 51.8 10:00 am EDT US consumer confidence street 96.4