– US stock futures pointed up. Ironically, today’s the day that short selling of financials is allowed again.

– MarketWatch reports that “S&P 500 futures rose 14.9 points to 995.90, Nasdaq 100 futures rose 30.5 points to 1,350.50 and Dow industrial futures gained 136 points.”

– Global stock markets have also mostly rebounded from yesterday’s pummeling. London, Paris and Hong Kong rallied 3% following the coordinated rate cut by global central banks.

– Meanwhile, the euro gained on the dollar. The euro bought $1.3702 in morning European trading

– Gold fell for the first time this week in London. Bloomberg reports that investors are selling the previous metal to raise cash as the liquidity crunch continues.

– Hank Paulson’s Treasury Department is considering “ways to inject capital directly into banks, possibly by taking equity stakes,” reports the WSJ. The only problem is the Treasury “is trying to figuring out how to structure such capital infusions so that banks can recapitalize and begin lending.”

– The $55 trillion world of credit default swaps is very much on the minds of the feds. The talk is they are planning a central clearinghouse to remove the risk of a large counterparty failure. Reuters reports that the Federal Reserve Bank of New York “has summoned participants in the $55 trillion credit derivatives market to a meeting on Friday, which sources say will focus on determining which clearing house the market will support.