Global markets breathed a collective sigh of relief as the IMF and ECB announced wide ranging strategies to support the much maligned Euro, and help adds liquidity to the bonds markets. Oil rallied sharply as confidence returned that the global economic recovery may continue. The concerns over the state of the European economies have taken precedent over some good corporate and economic numbers coming out of the US.

Market News

1. China, the world's second largest oil consumer, imported 21.17 metric tons of crude oil in April, making it the highest daily average on record
2. OPEC Secretary General El Badri said that they have no intention of taking action ahead of their October meeting
3. Aussie business confidence fell for a second consecutive month in April according to the NAB
4. Euro traders should note that we have CPI data tomorrow, and GDP on Wednesday

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