Asian markets have moved higher this morning recovering most of yesterday's losses, as investors digest the Cypriot bail out deal consequences  and consider it a one off. Current BOJ Governor Shirakawa steps down today, with fresh stimulus measures expected at the next meeting in a couple of weeks time.

European equity futures are looking relatively flat, as markets yesterday shrugged of early losses to higher near session highs albeit still modestly down on the day. Today we have key bond auctions for Greece and Spain, and also look out for German ZEW reports, UK CPI and PPI and Eurozone Construction spending.

US markets ended lower yesterday but off session highs. The Fed begins their day policy meeting today, at which any rhetoric concerning the improvement in the employment situation will be key for their asset purchase program.

Philip Ball | Sales and Trading