The Nikkei closed lower after posting gains earlier in the session, whilst the Australian market was 1% higher after the central bank cut rates to the lowest level since 2009. Nintendo and Samsung were standout performers rising around 2% and 3% respectively.

A senior European source has said that Spain were hesitant over accepting aid but are now ready to request, however sources suggest Germany has said that Spain should wait. European equity futures are looking around 50 bps lower.

US markets rallied yesterday on better than expected ISM data, markets however did give up some of the earlier gains in the last hour of trading. US futures are looking around 10bps firmer in early trade.

Philip Ball | Sales and Trading