Durable Goods, New Home Sales, Treasury Auction

With the OECD upgrading its global outlook for 2010 and 2011 growth, investor confidence is back on track this morning. Equities are trading much higher globally, including gains of larger than 2% in England and France, the euro is slightly higher, and stock futures in the U.S. look to a clear open. 

“Yesterday’s late afternoon near-miraculous recovery in North American equity markets has also bolstered investor spirits overnight,” said economists at BMO Capital Markets. “European bourses are trading 2% higher (after dropping to 9-month lows yesterday), while most Asian markets also finished their session in the green.”

Ninety minutes before the opening bell, Dow futures are up 84 points to 10,109 and S&P 500 futures are 11.50 points higher at 1,084.50

The 2 year Treasury note is -0-02 at 99-27 yielding 0.841% and the 10 year Treasury note is -0-25 at 102-04 yielding 3.249%.

The NYMEX crude oil futures contract is up 2.03 to 70.78, and Gold futures are up $15.60 to $1,213.60.

Meanwhile, Robert Mundell, a Nobel laureate, said it is “inevitable” for one or two euro zone nations to restructure their debt, but that wouldn’t imply the destruction of the euro currency. 

“Debt restructuring may be needed for one or two fiscally weak euro members,” he said in Warsaw, according to Bloomberg News. “In five years it may be inevitable, but it doesn’t mean euro deconstruction, it just means debt restructuring.”

He encouraged the creation of a Treasury-like euro-bill, which he believes will help the currency gain a reserve-currency status.

Key Events Today:

8:30 â€