Asian markets firmer this morning with the Nikkei trading at 5 year highs, Japanese bond yields fell to their lowest level in almost a decade. Elsewhere, China released a preliminary PMI of 51.7 which was slightly better than forecasts.

In Europe, futures are slightly lower with still no clear resolution of the Cypriot bail out plan. Today we have PMI data out across the Eurozone, and UK retail sales data.

US markets, shrugged off disappointing earnings from Fedex with the S&P now very close to making fresh all time highs. Oracle released earnings after last nights close which missed on both revenues and profit. Today, look out for Philly Fed, jobless claims and leading indicators.

Philip Ball | Sales and Trading