Asian markets mixed this morning, but well off lows in the session. Japanese trade balance numbers came in lower than expected, with exports to both China and the US at their worst levels since January, prompting speculation of further easing from the BOJ.

In Europe, according to sources, the German finance ministry is preparing a program for Greece to repurchase their own bonds, meanwhile the Greek finance minister has said that they have covered “90%” of the requirements to fulfill fresh bailout requirements. In Spain the ruling centre-right party won a key regional election in Galicia according to exit polls. European equity futures are slightly lower whilst the Euro is off lows from Friday.

In the US today, no economic data but results due from Caterpillar ($2.22), Yahoo (26 cents) and Freeport McMoran (73c) amongst others, futures are indicating a cash open of around 20 bps higher.

Philip Ball | Sales and Trading