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Citigroup have just released Q2 results, with an adjusted EPS of $1 versus a consensus of 89 cents, with revenues of $18.64bn vs $19.01bn consensus. The stock is looking around 2% better in early pre market trade.

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So far this year, equity and commodities have traded in tandem with the Euro, however over the past week or so we have seen equities in particular outperform whilst at the same time the Euro has traded at 2 year lows versus the dollar.

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European equity futures are pointing to a flat open, US futures are 25bps lower after bourses posted large gains on Friday boosted by better than expected results from JP Morgan.

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Asian markets mixed, with China 1.25% lower despite comments from China’s premier Wen Jiabao that the government will do more to support economic growth.

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JP Morgan have just released quarterly earnings with an EPS of $1.21 (versus 76 cents estimate) on revenues of $22.89bn (versus estimate of $21.57bn). The company have announced the closure of their CIO Synthetic Group.

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The focal point for US equities will be the release of JP Morgan numbers before the open, consensus is for an EPS of 76 cents, but any fresh rhetoric on the loss making credit trade will be a key stock specific point of interest. Wells Fargo will also release their earnings. US futures are currently higher by 20bps.

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Asian markets are marginally higher this morning but slightly off session highs. A slightly worse than expected GDP number from China of 7.6% (vs 7.7%) has led to speculation of further stimulus measures after the government said that they would adopt new measures to boost consumption.

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Earlier today Italy sold 7.5bn Euros of 361 day bonds yielding 2.697%, and with it Italian and Spanish debt were both trading higher.

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Asian markets are sharply lower this morning, with the Nikkei and Hang Seng both down around 1.5%, on continuing concerns of slowing global growth. South Korea cut interest rates by 25bps, their first rate cut in 3 years, whilst Australian employment data came out worse than expected prompting a sharp move lower in the Aussie dollar.

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European equity futures are looking around 60bps lower, the German constitutional court concluding the ESM hearing, but made no firm decisions or timings were made, finance minister Schaeuble has said that he hopes for a decision in a matter of weeks, but ongoing uncertainty will hurt sentiment. German CPI came out in line with forecasts, and look out for German and Swiss bond auctions mid morning.

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Asian markets marginally lower this morning but have rallied off session lows, slowing global growth remains the ongoing concern.

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Data just released out of the UK shows that manufacturing production for the month of May rose 1.2% against a consensus forecast for a decline of 0.1%. We have seen an upward move in GBP and EUR against the USD and with it risk on for equities.

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The EU may have a number of comments this morning, mainly reaffirming what has previously been said but did suggest using unorthodox instruments “without prior notice”.

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Asian markets lower for choice this morning, after data released out of China showed that imports rose less than expected and export growth slowed, prompting further fears of a global slowdown.

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European futures are indicating pretty much unchanged after US markets rallied off their lows late in Friday’s session.

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