All eyes on US data out this week

WHATEVER your view of the effectiveness of central bank action on the economy, or your take on the brand of economics which claims that higher oil prices are better for the economy, earnings and stocks, there's no denying that both have had a positive effect on equities these past two to three weeks.

The Straits Times Index, which in January and February lost 10 per cent because of uncertainty over the economic outlook brought on by a possible hard landing in China and collapsing oil prices, has recovered all of th…