Not quite as many fireworks overnight, in another session dominated by central banks. First it was revealed that China had injected CNY400 billion into the banking system to add liquidity as the economy slows, which is ironic because on the other hand China is also seemingly doing everything in its power to crash its nascent stock market bubble mania, following the latest news that China's CSRC approved 12 IPOs ahead of schedule which is seen as a pre-emptive step to tighten interbank liquidity amid the recent rise in margin trading. This happened as China's big 5 banks hiked deposit rates by 20% limit with aim to cap funds heading into stocks.

Another central bank that acted overnight was Russia's which proceeded with its 5th rate hike of the year, pushing the central rate up by 100 bps to 10.50% as expected.

Elsewhere, the Bank of England wants to move to a Fed-style decision schedule and start releasing immediate minutes as Governor Mark Carney overhauls the framework set up more than 17 years ago.

The Swiss National Bank predicted consumer prices will drop next year and said the risk of deflation has increased as it vowed to defend its cap on the franc even as the bank refrained from cutting interest rates.

Finally Norway's central bank cut its main interest rate for the first time in more than two years and signaled it may ease again next year as plunging oil prices threaten growth in western Europe's biggest crude exporter.

All in all, a busy day for central-planners everywhere. And while crude is attempting its latest feeble rebound, both the 10 Year and the 30 Year yields are sliding, with the former now down to under 2.15%, the lowest since the October flash crash, while the 30 Year touched 2.805%, below the 2014 closing low.

In Asia, the Nikkei 225 (-0.89%) traded in negative territory throughout the session albeit now off its worst levels as JPY lost some ground against USD. Hang Seng (-0.9%) was led by weakness in energy stocks while the Shanghai Comp (-0.4%) fluctuated between gains and losses, as strength in airlines and shipping names mitigated declines across oil stocks.  China's PBoC said to inject CNY 400bln into banking system. In addition there were further source reports in the Asian session that China has eased bank restrictions and PBOC targets CNY 10trln loans for 2014. These measures are to quicken the pace of lending.

European equity markets have been relatively mixed this morning with marginal outperformance observed in the IBEX and FTSE MIB following the release of the ECB's TLTRO, however the FTSE 100 is lagging as the resource heavy index is being weighed upon by weakness in the materials sector with the likes of Glencore, Rio Tinto, Anglo-American each down 2.3%-3.3%.

In terms of today the calendar starts to pick up in the US as we await the latest retail sales, jobless claims data and business inventories.

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