»» Stocks rallied across regions late in the week after the ECB’s Mario Draghi committed to preserve the euro. Short covering fueled the move.

»» Given European policymakers’ spotty track record, we’re skeptical the ECB can change the region’s course on its own. Governments need to carry much of the load. (page 2)

»» Have households extinguished enough debt to start spending again? (page 3)

»» China’s interest-rate cut may be seen as reactive, rather than preemptive. (page 4 – Asia Pacific section)

»» Global Roundup: Updates from the U.S., Canada, Europe, and Asia. (pages 3-4)

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