Morning all.. An amazing US session for stocks and more was done after hours as Micro-soft, Amazon and Google all posted solid earnings after the close. S&P closed up 1.66% at 2052 but we trade at 2057 now. Asia also had a strong session with the Nikkei up 2.22% and HK up 1.4%. All this as Draghi did nothing but threatened more easing and a possible move even lower on deposit rates which are already negative. Whilst we didn’t expect action yesterday from the ECB its fair to say we got more certainty than we would have expected that the December 3rd meeting is set to yield more stimulus. A further 10bps is almost priced into the deposit rate. Concerns over growth prospects in emerging markets, as well as possible repercussions for the economy from developments in financial and commodity markets were well flagged as downside risks for the outlook for growth and inflation for the Euro area. On inflation, Draghi warned that ‘most notably, the strength and persistence of the factors that are currently slowing the return of inflation to levels below, but close to, 2% in the medium term require thorough analysis’. Economic data today is dominated by the release of the October flash PMI’s where we’ll get the manufacturing, services and composite readings for the Euro area, France and Germany and the manufacturing print in the US this afternoon. With no Fedspeak scheduled again today, corporate earnings will again be closely watched with 10 S&P 500 companies due to release results, including Procter & Gamble and American Airlines (both due before the open). 16 Stoxx 600 companies will report also, including Volvo and Ericsson. Good luck..