Asian markets lower again as a number of companies in the region missed on earnings and the Australian central bank lowered their growth forecasts. Sumitomo Rubber Industries and Nexon Co in Japan were both sharply lower after missing on their earnings, and South Korean auto makers Hyundai Motor and Kia Motors were both hit hard after California car makers issued a lawsuit against them on misrepresentation of fuel efficiencies. Elsewhere, China released their lowest reading for inflation in almost 3 years.

In Europe, concerns over Greece resurfaced on their ability to meet conditions for further aid, officials are due to meet on November 12th to discuss such. The German economy ministry sees a weaker economy in 2012 H2 with weakness being increasingly felt in the job market. German CPI has been released in line with expectations, later we have French Industrial and Manufacturing production data. European equity futures are pointing to decline of around 30bps after closing near session lows yesterday.

In the US, markets continue to trade lower after decisively breaking key technical levels in the past couple of sessions, concerns over growth and in particular the "fiscal cliff" is hurting sentiment. Today we have Uni of Michigan confidence day and also note that US markets are closed on Monday for Veterans day.

In commodities, both gold and silver yesterday put in their best performance for weeks as investors search for safe haven assets, gold notably broke above the $1725 resistance level in yesterdays session.

Philip Ball | Sales and Trading