The tide has totally turned in favour of aggressive stances overnight on the back of stronger central bank stimulus. China surprised the world with its first interest rate cut in over two years, then ECB President Draghi indicated that the ECB will do what it must to boost inflation including expand its asset purchase progam into more markets. The ECB also confirmed that it has started purchasing asset backed securities as of today. The highly dovish central bank talk and action overnight and this morning has ignited rallies in Europe and North America this morning. The Dax and other major continental indices are up over 2% today while the FTSE is up 1.3%. US indices, meanwhile have been heading toward a record high open. The prospects that central banks may get more serious about boosting demand and inflation has also sparked big gains in commodity markets with Brent and WTI crude oil both up 1.7% today while Gold has broken out over the $1,200 level . Natural gas, however, is down 4% as a late autumn cold snap starts to release its icy grip on consuming regions. In currency action today, resource dollars are getting a big boost from the China rate cut and rising commodity prices. AUD has posted the biggest gain with CAD and NZD trailing closely behind. The loonie is also attracting interest from a higher than expected Canadian inflation report. On the other hand, the dovish Draghi talk has weighed heavily on EUR with CHF falling in tandem as the Swiss National Bank defends its EURCHF 1.2000 floor. Corporate News Gap $0.80 vs guidance $0.79, cuts FY guidance to $2.73-$2.78 from $2.90-$2.95 Economic News Economic reports released overnight and this morning include: China 1-year lending rate cut 0.40% to 5.60% China 1-year deposit rate cut 0.25% to 2.75% Canada consumer prices street 2.1% Canada core CPI street 2.1% Economic reports due later today include: There are no major announcements scheduled for later today or over the weekend.