Asian markets have retreated from multi month highs made yesterday, on weaker than expected macro data out of the US and Japan. Japanese industrial output rose 2.5% last month, below forecasts. Nintendo fell over 5% after lowering their operating income forecasts on disappointing sales of the Wii U.

In Europe, futures are looking around 20-30 bps lower, overnight the S&P said Spain's access to capital markets has improved . Earnings season continues with a number of high profile names having reported, at first glance both Royal Dutch and Deutsche Bank look disappointing. Look out for German retail sales, CPI and unemployment data along with French producer prices.

In the US, indices had their biggest decline of the year despite closing only modestly lower, after the US released a fall in Q4 GDP by 0.1%. Today we have jobless claims and Chicago PMI, and for earnings, Colgate ($1.4), Mastercard ($4.80) and UPS ($1.38) are major names reporting.

Philip Ball | Sales and Trading