Asian markets slightly higher having been lower earlier in the session, weighed by Google and Microsoft earnings out of the US. Foreign direct investment in China fell for the 10th time in 11 months. South Korea one of the laggard markets being weighed down by Samsung falling around 2%. In geopolitical news the North Korean military has said it will fire without warning on South Korea if anti-North Korea leaflets are dropped on Monday.
In Europe, the region is considering a Greek debt buyback plan which would retire part of the 63bn Euros of Greek debt, but would require some concessions from creditors. According to a French Government source Germany has agreed for 6,000 Euro banks to be under unique supervision of the ECB. European equity futures are looking 30bps lower and keep an eye on option expiries this morning..
In the US, the big story overnight, was the premature release of Google earnings, who missed by some margin on revenues and profit, the stock fell almost 10% and was halted for a couple of hours. Microsoft released disappointing earnings after the close. Today, GE (36c), Parker Hannifin ($1.72), McDonalds ($1.47) are among names reporting.
Philip Ball | Sales and Trading