In Europe according to Sueddeutsche Zeitung, Eurozone states are considering a plan under which the ESM would be able to deposit an unlimited amount of sovereign bonds with the ECB as collateral for loans from which to purchase new debt. In corporate news, UBS are looking around 5% lower on the open after reporting lower than expected results with Investment banking posting a loss, the company lowers balance sheet targets for Group and Investment bank,  Deutsche Bank have released disappointing results with a pretax profit of 357mn Euros having pre released data last week, and BP reported a net loss of $1.4bn after writing down the value of US assets. European equity futures are looking around 20bps higher first thing.

 

In the US, we have results from Pfizer (estimate EPS of 54 cents), Cummins ($2.28), Martin Marietta ($1), and US Steel 49 cents).

 

Posted by Philip Ball | Sales and Trading