Asian markets softer this morning with the Nikkei closing around 40bps lower. Chinese official purchasing manager index was lower weighed by lackluster new orders. Autos were a slightly better performer after better than expected US car sales, with Toyota’s sales up 42% year on year.

In Europe we have retail sales for the Eurozone along with some PMI data across the region. Spanish Prime Minister Rajoy said that he has no plans to request bailout funds in the near term, with that pretty much anticipated in the press yesterday. European equity futures are looking at opening slightly lower on sentiment from Asia and a softer Euro which has dipped below 1.29.

In the US today, look out for ADP employment data with consensus looking for 140k, more attention will be given to Friday’s non farm payroll data. Futures are trading around 25bps lower in early trade.

Philip Ball | Sales and Trading