Asian markets closed slightly higher this morning, no real themes to mention but worth highlighting that a Chinese state economist said that the country’s slowdown is likely to last longer than many expect, something that would appear to be priced in with the relative weakness in the Chinese equity markets.

In Europe, sources have claimed that Greek creditors may take another haircut on their sovereign debt, meanwhile EU authorities are working to implement a new Spanish rescue package in tandem with the ECB’s bond buying program, Spain are due to announce a new economic reform program next week. European equity markets are around 40bps firmer this morning with the Euro back above 1.3.

In the US, after hours Texas Instruments increased their dividend whilst Oracle announced in line earnings but missed on revenues. US futures are firmer this morning by around 30bps, with very little economic data due.

Philip Ball | Sales and Trading