Asian markets are lower this morning on concern the Euro crisis will deepen further. The Nikkei is 1% lower with the Yen stronger this morning, with Sony a standout loser down by around 4%. China has been hit harder down by around 3% with Industrial and Commercial Bank of China down 2% on concerns new wealth management product rules will hurt earnings.

In Europe, Moody's today affirmed their junk rating on Portuguese and Irish debt saying the Euro region remains vulnerable to shocks. Cypriot banks reopen today for the first time in almost 2 weeks. European equity futures are lower by around 30bps. Today we have German unemployment and Italian confidence indicators.

In the US, markets rallied off session lows yesterday as the S&P tried again to make fresh all time highs, futures however are lower this morning by around 30bps. Look out for GDP numbers with consensus at 0.5%, jobless claims, NAPM and Chicago PMI.

Philip Ball | Sales and Trading