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In Europe, according to Welt am Sonntag German finance minister Schaeuble has denied media reports that the EFSF could soon start buying Spanish government bonds.

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Asian markets firmer again this morning, catching up with strong overnight moves in the US markets, and ongoing speculation that European policy makers will take action to ease the debt crisis.

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In US markets, Facebook traded around 12% lower in after hours trading after saying that revenue growth and profit margins were lower than expected.

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According to newsires, the Spanish economic minister has said the Spanish treasury can meet debt payments and has ruled out a full bailout.

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Markets this morning strong across Asia, following yesterdays’ comments from Draghi on making every effort to preserve the Euro, and also renewed speculation of fresh stimulus from Japan on weaker than expected inflation data.

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ECB’s Draghi earlier said that they would do whatever required to preserve the Euro, with the currency being irreversible.

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US futures are looking slightly better first thing, we have US durable goods orders and latest Initial Jobless claims data, with earnings from Dow Chemical (estimate EPS 64 cents), International Paper (46 cents), Exxon Mobil ($1.95), Colgate-Palmolive ($1.33) and Facebook (11 cents) amongst others.

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In Europe, Moody’s changes the outlook on 17 German banks to negative, and Egan Jones downgrades Italy to CCC-plus.

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Markets in Asia are firmer this morning on anticipation of further global easing, with the Fed, ECB and BOE all due to meet next week.

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US markets have opened firmer on better than expected corporate earnings, Caterpillar in particular the standout with a quarterly EPS of $2.54 vs a consensus of $2.28 and the company raised their FY profit guidance, the stock trades around 2.5% higher (having been up 5% earlier in the session).

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US futures are indicating markets to open around 50bps lower after Apple released earnings after the close missing on sales and profit forecasts

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In Europe, Moody’s have lowered their outlook to negative on the provisional Aaa rating of the EFSF, newswires report that Greece is seen to miss EU/IMF debt reduction targets and may face further debt restructuring.

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Asia lower again this morning, mainly on concerns on Chinese growth after the IMF said that the economy is making a soft landing, but significant downside risks remain.

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Risk off continues to dominate markets with the Euro slipping below 1.21 again versus the Dollar. Spain and Italy both sharply lower again, with the former down around 3%. Italian and Spanish debt have reversed gains made earlier in the session with yields on the latter rising to just shy of 7.5%.

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Asian markets slightly better this morning, a preliminary manufacturing PMI reading out of China this morning showed that the slowdown may be easing with recent easing measures starting to work.

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