Chinese move this morning helps European futures higher check out the DAX right now

Earlier today the Chinese Central Bank announced a 0.50% RRR cut (Reserve Ratio Requirement) in a move to try and stimulate the ailing Chinese economy and hand the commercial Chinese Banks more leeway in terms of lending capacity. Look, the Chinese economy is in trouble folks and repeated moves by the PBOC are yet to cure that. That said the move earlier today has helped Chinese stocks and those gains have spilled over to the European opening outlook. The DAX and the CAC are set to open quite a bit higher in the next hour. The DAX was the best performing major index yesterday, when it closed 126 points higher, at 18,846. The index is currently priced to reopen above 18,940 shortly this morning. However, at 8am GMT we will get the latest IFO index and that could add or detract from the current gains. Perhaps surprisingly, the calls on that IFO are not that negative right now, but given what exactly is going on with the German economy, it would seem rather odd. We shall see later this morning, but meantime the DAX futures are on the front foot just now