Overnight Europe got two mini lessons: i) that rumors spread by conflicted French banks about “imminent” ECB QE don’t always, if ever, come true, after the ECB spent a decent portion of the overnight session explaining, via Reuters, that while the central bank would engage in “some stimulus for the euro zone economy but falls short of the large-scale effect the ECB could unleash with a major program of quantitative easing (QE) – money printing to buy assets.