It has been another wild morning for global markets this time on an out of left field surprise move from the Swiss National Bank who eliminated the 1.2000 floor on EURCHF that had been in place for the last few years and drive interest rates even more negative. This sent EURCHF on a steep dive but now appears to be settling out somewhere near parity. This move along with a number of recent trial balloons out of Europe appears to be setting the stage for some kind of stimulus announcement out of the ECB at its meeting next week. Speculation and reaction around Europe has sparked a big breakout rally in gold, and boosted European indices except for the Swiss market which has taken a major hit. In other news, earnings season continues with more results from big banks today. Blackberry appears to be set to fall back after rumours of merger talks between the company and Samsung were squashed overnight. The biggest surprise on the corporate side today is the news that Target is planning to pull out of Canada less than two years after its arrival. Crude oil is on the rebound with traders taking profits and covering off short positions after OPEC indicated it expects US production growth to slow with lower prices, even though it also cut its demand forecast by another 100K bbl/d. WTI and Brent are both retesting $50.00 as new resistance this morning. Reaction to this morning’s US data has been limited so far with better than expected Empire manufacturing offsetting worse than expected jobless claims (which could rise significantly in the coming weeks due to with layoffs in the oil patch). There is still more US data due later this morning. The natural gas report may attract particular attention with the commodity price up another 2.5% today on top of a big jump yesterday After the close more earnings reports are due highlighted by Intel and oilfield service giant Schlumberger. Corporate News Target to pull out of Canada. Raises US Q4 same store sales guidance to 3% from 2%. Citigroup adjusted EPS $1.16 vs street $1.06 Bank of America $0.32 vs street $0.31 BlackRock $4.82 vs street $4.70, 13% dividend increase Lennar $1.07 vs street $0.96 Economic News Economic reports released overnight and this morning include: Switzerland interest rate surprise cut to (0.75%) from (0.25%) Switzerland drops EURCHF 1.2000 floor India interest rate surprise 0.25% cut to 7.75% US Empire manufacturing 9.9 vs street 5.0 US producer prices 1.1% vs street 1.0% US PPI ex food and energy 2.1% vs street 1.9% US jobless claims 316K vs street 290K China new Yuan loans 697B vs street 880B Australia jobs change 37K vs street 5K vs previous 42K Australia full-time 41K vs previous 2K Australia part-time (4K) vs previous 41K Australia unemployment rate 6.1% vs street 6.3% Japan producer prices 1.9% vs street 2.1% Japan machine orders (14.6%) vs street (6.3%) Singapore retail sales 6.5% vs street 7.0% Singapore retail ex auto (0.4%) vs street 1.3% Spain consumer prices (1.0%) vs street (1.1%) Germany 2014 GDP 1.5% as expected