Asian markets firmer again, buoyed by better than expected corporate earnings out of the US and Moody’s keeping their ratings for Spain unchanged. The Nikkei was the standout market trading up 1.2%.

In Europe, the major news is the Moody’s announcement, the market had anticipated a downgrade for such. According to sources Spain and Germany are in final discussions about ECB intervention in the Spanish bond market. For data, we have UK BoE minutes and jobless claims. European markets have opened slightly higher, and the Euro continues to trade higher having touched 1.312 overnight.

In the US, markets yesterday were buoyed by strong earnings from Goldman and better than expected Industrial production data with markets closing at session highs. Intel and IBM both came out with slightly disappointing earnings after the close. Today we have housing starts, and earnings from Halliburton (67 cents forecast), Bank of America (16c), Pepsico ($1.16), American Express ($1.09) amongst others.

Philip Ball | Sales and Trading