Market Rally Back On — Europe Makes Comeback, US Futures Gaining

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UPDATE 4:30 AM ET:

After early declines, markets are gaining everywhere.

It’s nothing too dramatic, but we’re seeing some followthrough from yesterday’s big gains.

Italy, which rallied over 2% yesterday, is up by 0.4% at the moment. That compares to a decline of 0.25% earlier.

Spain is up 0.2%.

US futures are higher across the board.

The big economic news of the day so far has been the Reserve Bank of Australia cutting rates by 25 basis points.

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ORIGINAL POST: Yesterday’s big gains are not carrying back over into today.

It’s nothing too dramatic, but market indices are generally lower across Europe today.

Italy is down 0.25%

Spain is off 0.14%

Germany is flat.

The big news overnight was the 25 basis point rate cut by the Reserve Bank of Australia. Rates there are now at their lowest level since October 2009.

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