Welcome back! Summer's over.

Markets in Europe at the moment are going nowhere despite two notable developments.

The first is Microsoft's surprise purchase of Nokia's Smartphone business for $7 billion.

The other is the major rally in Japan, which followed all of Monday's good economic data.

If you're just tuning in to stuff after the long weekend, the two things you missed were strong economic data (good PMI numbers in Europe and China) and a solid European stock market rally on Monday, while the U.S. market was closed.

Expect U.S. stocks to pop in the early going.

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