Asian markets strong this morning, with Chinese GDP data coming out in line at 7.4% for the 3rd quarter, with the Chinese Premier stating before the numbers that their economy was stabilizing. The Nikkei the standout performer up 2%.

In Europe, the Troika concluded their visit to Greece and said that core measures were agreed upon, elsewhere S&P cut Cyprus’ rating to B from BB, with outlook remaining negative. For data due this morning, we have UK retail sales. European equity futures are looking around 20bps better with the Euro slightly lower on the session.

In the US, markets shrugged off the disappointment of Intel and IBM to close near session highs, aided by better than expected housing starts. Today we have initial jobless claims, leading indicators and Philli Fed. Companies reporting include, Philip Morris ($1.39 expected), Morgan Stanley (25c), Verizon (64c), Google ($10.65) and Microsoft (56c).