The kneejerk shock from this weekend's Paris terrorism, which briefly pushed S&P futures below 2000, is now a distant memory, and has been replaced with another breathless, violent rally for the second day in a row, which has seen global stocks surge after yesterday's lackluster performance before the S&P500 soared in afternoon trading, and this morning US equity futures launched another push higher the moment Europe opened for trading, just like a day earlier, begging the question just which central bank is pushing this scramble to buy ES futures.

As a result the E-mini is now about 10 points higher driven mostly by the ongoing collapse in the EUR and the the all-important for the carry trade, Japanese Yen, as well as a continuation of the dollar rally, whose Bloomberg Dollar Spot Index just touched a new record high on continued speculation the US economy is strong enough to weather a rate hike in one month even as corporate revenues and earnings continue to plunge.

Bottom line: Who would have thought terrorism is so good for stocks.

Here is where we currently stand:

S&P 500 futures up 0.4% to 2056

Stoxx 600 up 2.1% to 378

MSCI Asia Pacific up 1.1% to 132

Nikkei 225 up 1.2% to 19631

Hang Seng up 1.2% to 22264

Shanghai Composite down less than 0.1% to 3605

US 10-yr yield up less than 1bp to 2.27%

Dollar Index up 0.09% to 99.53

WTI Crude futures down less than 0.1% to $41.70

Brent Futures up 0.6% to $44.83

Gold spot down 0.2% to $1,080

Silver spot up less than 0.1% to $14.27

Perhaps no other place captures the overnight surge better than France, where the CAC40 was up well over 2% at last check.  The STOXX Europe 600 gained for a second day, rising the most in almost four weeks.