Asian markets are sharply lower this morning with Japan and China down by just over 6% and 3% respectively. The yen rose to its highest level versus the dollar in 2 months, and the World Bank cut their global growth forecast, to 2.2% from 2.4%.

European equity futures are set to open around 1.5% lower, following the lead of US and Asian markets.

US markets closed around session lows, with ongoing concerns that there will be no fresh central bank stimulus. The Dow closed below the psychological 15000 mark. Today look out for retail sales and jobless claims.

Philip Ball | Sales and Trading