Asian markets mixed again this morning, with the highlight macro news being Australia cutting their benchmark interest rate by 25bps to 3%. China’s Shanghai Composite bucked recent weakness to close almost 1% higher.

In Europe, the British Chambers of Commerce cut their UK 2013 GDP forecast to 1%, whilst EU’s Juncker said that the Spanish programme implementation is well on track and the 39.5bn Euro package to recapitilise Spanish Banks will be given next week. Look out for UK PMI and Eurozone PPI data. European equity futures are slightly lower.

In the US markets closed at session lows last night after releasing disappointing ISM data yesterday, and US House speaker, Boehner, says he is offering a “credible plan” on the fiscal cliff. Futures are lower by around 10bps.

Philip Ball | Sales and Trading