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European equity futures are pointing to between a 1.5% and 2% fall this morning after the EU proposed a levy on Cypriot bank accounts as part of the bail out for the country, with the Euro getting hit hard falling around 1.5% versus the dollar to its lowest level of the year.

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In the US, markets closed at fresh all time highs last night as the Dow puts on the longest rally since 1996. Look out for CPI data and University of Michigan Confidence due later today.

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Asian markets are lower this morning, with China's Shanghai composite lower by around 1.1% as concerns grow over property curbs recently implemented by the government. The Yen is slightly stronger overnight currently trading at just under 96 versus the dollar.

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Asian markets are lower for choice this morning, with the Nikkei giving up early session gains despite the Yen being weaker again on BOJ minutes suggesting further easing. China is the big loser this morning lower by almost 2%.

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China is underperforming after data showed that the country's Indutrial output figures showed the weakest start to a year since 2009. Elsewhere in the region the South Korean Won fell as tensions with North Korea rose.

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In Europe, equity futures are looking slightly higher ahead of key interest rate announcements from the ECB and BOE. Cable traded below 1.5 as an increase in the UK's asset buying plan remains a possibility. Meanwhile, S&P raised Portugal from negative to stable. German factory orders are out mid morning.

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Asian markets are firmer this morning touching their highest levels in 2 years after strong US markets with the Dow reaching an all time high. Sharp rose 19% after announcing that Sansung was about to make a sizeable investment, and on the macro front Australia announced a 0.6% growth in GDP.

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Asian markets are higher this morning as investors bet on further stimulus measures from central banks. Today the Australian central bank kept their rates unchanged and reiterated the potential for further cuts.

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Asian markets mixed this morning after somewhat disappointing macro data. Chinese manufacturing slowed for the 2nd consecutive month, whilst Japanese retail sales fell for the 8th month out of 9. South Korean exports fell but the market is closed today for a public holiday.

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In Europe, it looks as though the major players will form a coalition government in Italy, as bond yields traded lower yesterday as the government held a successful debt auction. Equity futures are pointing to a rise of around 80bps ahead of German CPI and unemployment data along with French PPI and consumer sentiment.

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Asian markets mainly firmer with the exception of Japan, following better than expected macro data out of the US. In corporate news, AIA, Asia's third largest insurer rose 3.5% after reporting better than expected results.

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Europe is dominated by the Italian election with indications that there could be a hung parliament and the need for a re-vote. European equity futures are pointing to a sharply lower open down around 1.5% whilst the Euro is also lower at around 1.3050. Moody's cut their ratings for Barclays and Lloyds overnight.

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Asian markets higher this morning with the Nikkei up almost 2% after the Yen traded at two and half year lows against the dollar

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Asian markets are slightly firmer this morning with the Nikkei reversing losses from earlier in the session. Singapore's economy grew more than expected for the quarter with a smaller than expected contraction in manufacturing.

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In Europe, equity futures are pointing to move of around 80bps lower after selling off late in yesterday's session. Today we have German, French and Eurozone PMI data, and UK public sector net borrowing. Earnings today from Axa, Allianz, Swiss Re, Schneider and Bae Systems.

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