Asian markets were firmer this morning with the Nikkei reaching levels not seen since 2010 on better corporate earnings and a weaker Yen. Elsewhere, China released manufacturing data which was weaker than expected, with the official PMI coming in at 50.4.
In Europe equity futures are around 20bps firmer, with the Euro continuing to push higher now above 1.36. The main theme for economic data is PMI for the UK and the major Eurozone members. Moody's said overnight that a Greek default is still likely.
In the US, markets closed near session lows last night but the S&P was still up over 5% for January, the best start to a year since 1997. Today all eyes will be on the Non Farm Payroll data for which consensus is for 165k, Uni of Michigan confidence and ISM manufacturing will follow later in the session. Exxon ($2), Merck (81c) and Chevron $3.06) are the major names reporting.
Philip Ball | Sales and Trading