Asian markets mixed this morning, with China’s Shanghai composite the laggard down 0.6%, Chinese CPI data came out at 1.9% yoy, and data over the weekend showed that exports rose by more than expected by 9.9%, whilst the PBOC’s deputy governor said at a meeting with the IMF that China has “relatively large space” to use monetary and fiscal policy to aid the economy.

In Europe, meetings between the Troika and Greece concluded that Greece needs 2 more years to complete their reforms, whilst according to sources, Spain could ask for aid from the Eurozone next month which could coincide with aid packages for Greece and Cyprus. European equity futures are looking a little firmer, and the Euro in near session lows at 1.2908.

In the US today, we have retail sales data along with Empire manufacturing, and in corporate news Citigroup are due to release quarterly earnings with consensus for EPS at 97 cents.

Philip Ball | Sales and Trading