Asian markets higher this morning with the Nikkei up almost 2% after the Yen traded at two and half year lows against the dollar. China's Shanghai Composite has given up most of it's early session gains and releasing a preliminary PMI reading which came in lower than forecasts.

In Europe, the main news was the late UK Moody's debt downgrade on Friday, the pound is trading around 1.51 versus the dollar extending losses already seen last week.

US markets closed near session highs on Friday, boosted by Hewlitt Packard trading higher by around 15% after their strong earnings report after hours on Thursday. Today we have the Chicago Fed Activity index and Dallas manufacturing index, ahead of Bernanke testifying before lawmakers tomorrow.

Philip Ball | Sales and Trading