Asian markets better this morning with the exception of China, Japan the standout performer up 1.8%, boosted by renewed speculation of Chinese stimulus.

European futures are pointing to a higher open, up around 30bps. The press reports that German politicians are seeking ECB reform, saying that they have strayed from their core role. Corporate highlights out of the Eurozone, include Zurich reporting better than expected Q2 results, whilst Telekom Austria cut their profit and sales forecast for 2012.

Some big after hours market moves out of the US following earnings, Applied Materials were 4% lower whilst Cisco traded 5% higher. Today, we have jobless claims, housing starts and the Philly Fed, and earnings out of Gap, Sears and Wal Mart. US futures are up around 30bps versus fair value.


Posted by Philip Ball | Sales and Trading