OVERNIGHT

Well, the G20 bureaucrats came, they talked and they left. There was much Mario Draghi verbiage but little substance. The usual jawboning effect resulted as Asian shares bounced up a bit, but who knows how long the little euphoria will remain.

As expected one theme centered on China and how much ammo central bankers there had left to help their economy.Zhou Xiaochuan, China's central bank head honcho, reassured those present that China was not out of firepower to stimulate their economy.

The WSJ filed this report:

SHANGHAI—China’s top central banker sought to reassure China’s trading partners that Beijing won’t drastically weaken the Chinese currency and that Beijing has sufficient tools to support the economy.

“China won’t use competitive devaluation to enhance export competitiveness,” said Zhou Xiaochuan, governor of the People’s Bank of China at a news conference ahead of Friday evening’s meeting of finance chiefs from the Group of 20 major economies.

“Currently, China’s overall exports remain strong,” he added.

It's a time worn fact that central bankers claim they won't debase their currency often times just before they do. We're not saying that is the case here, but it's a real possibility one wants to keep in mind. Zhou also tried to allay investors fears, saying China's capital flight concern is overdone. 
As expected Germany rejected the idea pushed by the U.S. and others that more fiscal spending was needed.

. There was much