Asian markets have moved lower again overnight, initially led by the Nikkei on further profit taking but that bourse has sharply rallied in the last hour of trading to close slightly higher, prompted by renewed Yen weakness settling at just above the 88.5 level versus the US dollar, with investors awaiting the BOJ's meeting next week. Thailand's finance minister said that the baht was at unacceptable levels, adding weight to comments from Russia yesterday forecasting a world currency war.  It is also worth noting that China will release their quarterly GDP data tomorrow with a consensus of 7.8%.

In Europe, the Spanish Treasury chief has said that the nation doesn't need a bailout now, and the country will deliver on deficit targets. Eurozone construction output data will be released this morning. Futures are pointing to a slightly lower open, with the Euro unchanged at just shy of 1.33.

In the US, markets were mixed yesterday despite good numbers from Goldman and to a lesser extent JP Morgan. Today we have numbers from Bank of America (19.5c), Citigroup (96.5c), Intel (45.5c) and Blackrock ($3.72) and for economic data we have housing and employment data along with the Philly Fed. Futures are slightly lower in early trade.


Philip Ball | Sales and Trading