Australian stocks soared overnight after the Reserve Banks of Australia and India joined the parade of central banks announcing interest rate cuts or other stimulus moves to start the year. An RBA move had been rumoured but was not widely expected so it still came as a surprise sending AUD and NZD even lower and the S&P/ASX to a 1.5% gain on top of recent gains. Yesterday’s positive momentum has carried through into European trading with major indices posting 0.75% to 2.00% gains. Europe continues to rebound on anticipation that a Greek debt deal can be reached and overblown financial Armageddon scenarios can be avoided. US indices are also trading higher this morning, but at a slower pace with gains around 0.3%. The big news once again today is another rally in Crude oil that has seen WTI retake $50.00 and Brent retake $55.00 with next resistance near $55.00 and $60.00 respectively. Indications of slower US drilling activity and slower production growth has eased some of the doomsday sentiment for now, encouraging people to take profits in short positions and go bargain hunting for now, unwinding some of the recent deeply oversold conditions. Still the speed of the rally suggests this may be a common corrective rebound within a wider bear market. Outside of the RBA, news flow has been relatively light overnight, even on the earnings side. This is likely to quickly change with more earnings on tap for the rest of the week and US payrolls starting with ADP tomorrow and nonfarm on Friday. Corporate News UPS $1.25 as expected, guides 2015 year to $5.05-$5.30 vs street $5.29 WestJet Airlines $0.70 vs street $0.74, 16% dividend increase Staples rumoured to be in discussions with Office Depot Economic News Economic reports released overnight and this morning include: Australia interest rate surprise 0.25% cut to 2.25% India interest rate 7.75% no change as expected, surprise 0.50% cut of bank liquidity (reserve) requirements to 21.5% Canada industrial prices street (0.5%) Canada raw material prices previous (5.8%) Spain unemployment 78K vs street 88K UK construction PMI 59.1 vs street 57.0 Eurozone producer prices (2.7%) vs street (2.5%) Singapore PMI 49.9 vs street 49.8 Singapore electronics sector 50.5 vs street 50.4 Australia trade balance ($436M) vs street ($775M) Economic reports due later today include: 10:00 am EST US factory orders street (2.2%)