The focal point for US equities will be the release of JP Morgan numbers before the open, consensus is for an EPS of 76 cents, but any fresh rhetoric on the loss making credit trade will be a key stock specific point of interest. Wells Fargo will also release their earnings. US futures are currently higher by 20bps.

In FX trading this morning has been somewhat muted, EURUSD fell around 20bps initially on the Italian downgrade but has since recovered to trade around the 1.22 level. The longer term trend still appears to be downward. 

Posted by Philip Ball | Sales and Trading