Futures, European Stocks Surge Celebrating New Spanish, Italian Governments As Payrolls Loom

New Italian government? Check. New Spanish government? Check. Trade war between the US and Europe, Mexico and Canada? Check. Deutsche Bank downgraded to a B-handle? Check. All these potentially risky events have happened in just the past few hours, yet global stock markets couldn't care less, and together with US equity futures are a sea of green this morning, heading for a positive end to a volatile, tumultuous week in which political developments in Europe and escalating trade tensions roiled markets, only to get a happy ending, even as the all important payrolls report looms, which is expected to show payrolls rising and the unemployment rate holding at the lowest since 2000, suggesting continued tightening by the Fed.