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In Europe, equity futures are pointing to a loss of around 30 bps. There is some market talk that G7 leaders will make an announcement ahead of the G20 summit in Moscow later this week, in an effort to calm fears over the threat of a global currency war. Today we have UK CPI, RPI and PPI. Barclays have reported their quarterly earnings.

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A couple of chart patterns that have emerged in the past week or so that are worth considering, firstly on the DAX….. the index was the first to start its underperformance and now sits down on the year, over the past week a pennant formation has been building and a significant break of the 7600 level would signal a continuation of the prior trend with a move equating to the move prior to the pennant, in other words we could see prices towards the 7400 level. On the US indices it is worth noting

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Many Asian markets are closed this morning, but notably Indonesian and Phillipine markets made fresh highs whilst Australia's ASX was little changed at highs not seen since 2010 after US markets made fresh highs on Friday.

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US markets shrugged off early losses, aided by a strong move higher from Apple. Today we have Trade balance numbers and wholesale inventory data. Moody's (71c) and AOL (54c) among names reporting today.

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Asian markets were lower this morning dragged by China's Shanghai Composite and the Nikkei, with the Yen slightly firmer. In Japan, camera maker Nikon fell almost 20% after cutting their profit guidance whilst Mazda climbed over 10% after raising theirs. Australia's equity market reversed early session losses after releasing better than expected employment data.

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Asian markets rallied this morning boosted by the Nikkei after a rise of almost 4%, after Toyota raised their profit guidance to levels not seen in 5 years, the stock rallied 5%. Elsewhere, the Australian dollar fell to year lows after data released showed a fourth consecutive monthly drop in retail sales.

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Asian markets are sharply lower this morning on renewed concerns over the Eurozone and a couple of notable earnings disappointments. HTC fell around 7% after releasing revenues below forecasts and Hitachi fell 6% after lowering their operating profit forecast for the year by some 13%.

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Asian stocks rose to their highest level in 18 months on the back of stronger global economic data. China released data yesterday which showed that services industries grew at their fastest pace since August. In Japan, Panasonic gained almost 20% after the company unexpectedly announced a third quarter profit, whilst Sony climbed around 9%.

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Asian markets were firmer this morning with the Nikkei reaching levels not seen since 2010 on better corporate earnings and a weaker Yen. Elsewhere, China released manufacturing data which was weaker than expected, with the official PMI coming in at 50.4.

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Asian markets have retreated from multi month highs made yesterday, on weaker than expected macro data out of the US and Japan. Japanese industrial output rose 2.5% last month, below forecasts. Nintendo fell over 5% after lowering their operating income forecasts on disappointing sales of the Wii U.

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Asian markets climbed to a 17 month high this morning, buoyed by better corporate earnings and improving economic fundamentals. South Korea unexpectedly announced an increase in industrial output. Japan closed the session up over 2%.

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In the last couple of weeks I highlighted a couple of levels to focus on, and given that we have blasted through those aforementioned levels it is worth looking at the next possible areas of resistance.

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Asian markets are firmer for choice this morning as evidence showed that Chinese corporate earnings continue to improve. China's Shanghai composite is trading up over 2% at levels not seen since June of last year. Elsewhere, the Nikkei is slightly lower despite another day of Yen weakness, and exporters are again lower in South Korea following comments from Samsung on Friday on the impacts of a stronger Won.

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Korea's index was dragged lower by Samsung which traded 3% lower despite releasing better than expected earnings after saying the stronger Won is hurting profitability.

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Japan's Nikkei was again the standout mover rising over 1%, as the deputy Prime Minister said that he sees no problem with the Yen at 100 and Abe should not be discouraged in his stumilus efforts, with that the Yen was firmer back above 89.

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