UPDATED 7:00 ET – Overnight Trading Action  

STOCKS – Asian stocks rose after the region’s benchmark index yesterday completed its steepest three-day rally since July on optimism China’s economic reforms will boost growth. European stocks and U.S. stock-index futures trading lower ahead of the Wall Street opening bell.

BONDS – Treasury 10-year notes fell before Federal Reserve Chairman Bernanke speaks today and as bond volatility dropped to a six-month low.

COMMODITIES – Gold swung between gains and losses in London as investors weighed the outlook for U.S. stimulus and slower physical demand for the metal.

CURRENCIES – US Dollar trading sideways ahead of busy scheduled speeches from  Fed  members through out the day.

ECONOMIC DATA – US Employment Cost Index due at 8:30, Treasury Sec Lew Speaks at 8:45, FOMC Member Dudley Speaks at 10:00, FOMC Member Evans Speaks at 14:15, Fed Chairman Bernanke Speaks at 19:00 ET.