Asian markets firmer for choice this morning, with the Nikkei 1% lower but China’s Shanghai Composite 2% better after PBOC Governor Zhou said that the Chinese economy faces downward pressure and they are willing to take pre-emptive action. The IMF also cut their global growth forecasts overnight. Worth noting that in Australia, Fortescue Metals group rose 6% after iron ore reversed some of their recent losses yesterday.
In Europe, finance ministers have praised Greece in their determination to cut spending, German Chancellor Merkel is due to visit the country today. Finance ministers from the Eurozone continue their meeting in Luxembourg today. European equity futures are looking around 20bps firmer in early trade.
In the US, today marks the beginning of earnings season with Alcoa due to kick off reporting after the close, consensus is looking flat EPS for the quarter.
Philip Ball | Sales and Trading