The great global monetary easing began as China cut rates over the weekend started the week on a positive note. The PBOC cut its one year lending rates by 25 basis points, and the positive PMI data 50.7, compared to 49.7 last month, meant that Shanghai shares ended 0.8 percent higher at close.

The USD reached an 11 year high against its trade weighted basket of currencies before giving back its gains as a positive German PMI and a negative-but-above-consensus Eurozone CPI (-0.3%) helped the Euro recover.

US markets appear poised to start positively with the slew of positive data and clear expectations that global central banks will ease in the coming week.