The futures are up big-time this morning before the opening bell as Wall Street seems to loving the fact that China has approved a $586 billion plan to stimulate its economy. Around the world, stock markets were up on the news which should lead to a higher open on Wall Street this morning.

China’s Shanghai Composite Index soared over 7% to 1,875 after news of the stimulus package circulated which is intended to help turn around the economic slowdown. The Shanghai, much like Wall Street did in October, had tumbled more than two-thirds before last night’s rally.

The FTSE 100 index (British) was up 120 points, at 4,485, while Germany’s DAX was higher by 145 points, to 5,083. France’s CAC-40 was surgung 109 points, to 3,577. Elsewhere, the Asian markets rallied overnight as well. Tokyo’s Nikkei 225 surged nearly 500 points, to 9,080, while Hong Kong’s Hang Seng Index also gained 500 points, to 14,744.

Wall Street is expecting to open higher following Friday’s 250 point increase, with Dow futures up 100, at 9,096. They were up nearly 200 points earlier this morning. There’s a lot of moving parts this morning with both good and bad news so it will be a battle to end in positive territory once again.

McDonald’s (MCD, $54.17, down $55.47, up $1.30) should add to Friday’s gains after reporting October figures that once again beat Wall Street’s expectations. On the flip side, General Motors (GM, $4.36, down $0.44) could take another hit today after it was downgraded to “Sell” from “Hold” with a $0 price target by Deutsche Bank. Yikes. DB believes the auto maker may not be able to fund its U.S. business past December without government intervention.

If the government can sling a $150 billion financial-rescue package to troubled insurance giant American International Group (AIG, $2.11, up $0.24), including $40 billion for partial ownership, then they better step up to the plate in a hurry. There’s more ducks on the pond looking to score on taxpayer’s money.

Rick Rouse