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Welcome back risk-on. Asian and European stock markets posted sharp gains Tuesday and commodities soared following Monday's U.S. rally, underscoring growing - if transient - confidence that authorities are actually making progress in tackling the eurozone debt dilemma. Transfixed with the debt crisis, markets seem willing for now to ignore an impending euro-area recession.

Rumors fly on EU debt crisis action. According to media reports, "top European officials" are preparing a detailed plan that would lever up existing EFSF money eight-to-one to buy up European sovereign debt and then issue bonds. German officials tried to downplay expectations of quick and dramatic action, while U.S. officials pushed their European counterparts to move faster to address the region's debt crisis. The ECB continues to be reluctant about large-scale intervention, and last week scaled back its purchases of government bonds to €4B, down from nearly €10B the week before.