Asian stocks are firmer for choice this morning being led by China's Shanghai Composite as concerns of the Euro crisis escalating are somewhat receding. The Chinese Yuan rose to its highest level in 19 years after the PBOC set their currency reference rate at its highest level since mid January.

European equity futures are pointing to a slightly higher open, after the Cypriot parliament voted against the deposit levy proposal for the country's bail out. We have German producer prices along with UK jobless claims due, and the UK budget will be released at 1230pm.

US markets rallied off session lows with the Dow closing a very minor positive territory. The 2 day policy meeting concludes today with their rate decision due, no change is expected.

Philip Ball | Sales and Trading