Asian markets are mixed this morning, but notably the Nikkei is closing in on highs not seen in over four years, with the Yen making fresh multi year lows on the governments fresh stimulus. Elsewhere, China trades 50bps lower as 3 more bird flu cases are reported.

In Europe, futures are pointing to a slightly higher open ahead of industrial production data out of Germany due mid morning. Late on Friday, the Portuguese constitutional court rejected some austerity measures in the 2013 budget, whilst S&P affirmed the UK AAA ratings but the outlook remains negative.

In the US markets rallied off lows on Friday despite a much weaker than expected payroll report. Today, Alcoa kicks off a fresh quarterly earnings season, with consensus looking for an EPS of 8 cents.

Philip Ball | Sales and Trading