Asian markets climbed to a 17 month high this morning, buoyed by better corporate earnings and improving economic fundamentals. South Korea unexpectedly announced an increase in industrial output. Japan closed the session up over 2%.

In Europe, equity futures are pointing to a rise of around, in corporate news Roche have released earnings which look broadly in line. There are also a host of Eurozone survey datapoints due. Fitch have said that they expect "some kind of pick up" in peripheral Europe, this morning Italy are due to sell 5 and 10 year bonds.

Markets in the US closed near session highs last night, and after the close both Amazon and Yahoo traded sharply higher after releasing better than expected results. Today Boeing ($1.18), Facebook (15c), Conoco Philips ($1.42) are all due to report and look out for Q4 GDP, ADP employment and the FOMC announcement.

Philip Ball | Sales and Trading