Markets Are Rallying All Over The World

Good morning!

Markets are rallying all over the world.

The gains started yesterday, as stocks broke the hard slump they were in for the three previous days. Then at 5 PM ET yesterday, the Turkish central bank announced an interest rate hiks that was MUCH higher than people were expecting. The rate hike was designed to stem the flagging Turkish Lira (and it worked, the Lira instantly soared).

The move also set off an instant bout of global risk taking as stocks shot up everywhere.

That's faded just a bit, but the moves are still solid.

Japan rallied 2.7%.

Germany is up 1.2%.

Hong Kong was up 0.8%.

India rose 0.3%.

And so on. US futures are higher as well.

We'll see how long this lasts. The emerging market story that has everyone spooked is still out there, of course, even if for one moment, one central bank in one of the weak players has taken a big action.

Today we get the latest Fed decision. A full preview of that is here.