When Morgan Stanley recalculates the company's rankings in its MSCI Emerging Markets Index, the consensus is that Gazprom, which holds nearly one-third of the world's natural-gas reserves and contributes 25% of Russia's tax receipts, will come out on top of the list, ahead of behemoths like Samsung Electronics .
The one-month earnings revision ratio for the MSCI Japan index, which compares increases to consensus earnings forecasts against reductions, was most recently recording more than two upgrades for every downgrade.
Although many global markets were closed for holiday on Monday, U.S. futures responded nicely in the early going to the Eurozone Purchasing Managers Index, which came in above the consensus.