Australia and China cut interest rates which makes lending cheaper. This is a clear signal that these countries are slowing down and are looking to stimulate. When the 2nd largest country in the work and one of its main suppliers cuts their interest rates, this is worth taking notice of.
Spain is getting closer to requesting a bailout. Even if they get something I would anticipate that the effects would be limited because as we've seen with other bailouts, the problems still remain and come back with a vengeance. Spain is too big to bail out. The 10 Year Spanish bond is trading over 6% and they are near being locked out of the bond markets. If the rate rises to 7%, that seems to be a critical level where the house of cards begins to fall.
Fed Chairman Ben Bernanke makes hints at further stimulus however no announcements have been made yet.
The financial markets have bounced strongly in recent days however I would expect this to be limited of course depending upon the news that comes out of Europe and specifically Spain. Even if Spain gets a bailout, the effects should be short lived and they will continue to come back in the news and bring the markets down.