Asian markets are sharply lower this morning after US markets sold off after the FOMC minutes, after which many are suggesting that the Fed may scale back stimulus. Elsewhere, the Chinese Premier urged local authorities top curb lending to prevent excessive property speculation, causing the Shanghai Composite to fall around 4%.

In Europe, equity futures are pointing to move of around 80bps lower after selling off late in yesterday's session. Today we have German, French and Eurozone PMI data, and UK public sector net borrowing. Earnings today from Axa, Allianz, Swiss Re, Schneider and Bae Systems.

In the US, markets fell sharply after the FOMC minutes and futures are looking around 30bps lower in early trade. For economic data look out for CPI and jobless claims. Also worth noting that the VIX had its biggest rise in 2 years rising around 20% yesterday. Look out for earnings from Wal Mart and Hewlit Packard.

Philip Ball | Sales and Trading