Morning Bid: Back on the rate cut track

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European markets will be waking up to a fairly quiet session with London closed for a holiday and little on the economic calendar to stand in the way of the latest rate-cut rally.

Even the long wait for a solid rebound in the Chinese economy seems to be bearing fruit, with a private gauge showing the country's services activity expanded, albeit at a slower pace. Growth in new orders accelerated and business sentiment rose solidly last month. Global and emerging market financial conditions eased significantly last week, and are now the loosest since March 22, Goldman Sachs' financial conditions indicators show.

And while lower U.S. rates would ease the pressure on most other currencies, over in Japan, that would only have a miniscule impact given stark interest rate differentials are likely to remain.

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