Managing editors Ed Harrison and Roger Hirst analyze a choppy day of global market action. They look at European equities as well as currency swings in the Euro and the Australian dollar. Roger looks at gold, and Ed analyzes the effect of narrowing net interest margins on bank earnings and yield curves. They also discuss central banks' role in facilitating fiscal stimulus as well as global debt levels and zombification. In the intro, Haley Draznin analyzes price action, Morgan Stanley’s earnings, and the re-emergence of COVID-19 lockdowns in Europe.