UK equity markets are looking to see a higher open, with FTSE futures suggesting a rise of 30 points.  Macro data will come in the form of M4 Money Supply and Mortgage Approvals, with European Nickel and Betfair Group reporting earnings today.  Asian markets were higher for the most part, which is indicative of the market’s perception that the Greek Parliament will vote to enact the austerity plan proposed by the EU.  In Japan, stocks rose, helped mostly by the utility sector, with Tokyo Electric Power (which is where most of the attention has been focused) making gains on government stimulus proposals.  The Nikkei is up 1.2%, rising above 9,750.  In China, markets are negative on the day, once again led by the banking sector.

US stock futures are following Europe’s lead, as the S & P 500 futures are suggesting a ten point rise.  Macro data during the North American session will come in the form of Pending Home Sales and Mortgage Applications.  Earnings releases will be seen from General Mills, Family Dollar Stores and Monsanto Co.  After yesterday’s close, Bank of America rose 1.1%, after disclosing a mortgage backed security agreement.  Sealy also saw significant gains (up 9.2%) after releasing strong earnings for the second quarter.  The S &P 500 finished the day 1.3% higher, as the market seems to approve of the way the debt situation in Greece is being handled.

European markets are still seeing most of the gains, with the DAX futures showing a rise of 33 points with the CAC following suit, gaining is 15 prior to the session’s open.  Macro data today will be GDP from France, and the Eurozone Consumer Confidence Survey.  Swiss will also be released, with the KOF Leading Indicator scheduled today.

European banks made some headlines today, as Deutsche Bank selected Anthony Whittemore, as the head of the North American M & A division.  Commerzbank also released a statement saying they plan to target smaller companies and raise 1 billion Euros in credit services for renewable energy companies.

In currencies, the Euro is currently flat against the Dollar after making significant gains in recent sessions.  The main event risk continues to be the Greek Parliament austerity vote, with markets anticipating a favorable result.  Expectations to today’s macro data are also optimistic, so barring any major surprises, equity markets are likely to find some support today.  The Yen is also flat against the Dollar (up 0.1%), with marker rumors suggesting that Japanese import companies bought Yen after the drop seen yesterday.

ECB President (Trichet) gave a speech yesterday, and said Europe needs to renew its long term plans for its economic future.  His main suggestion was that individual governments need to assess their economies in more accurate ways, as the Eurozone contains areas with many different financial circumstances.  Christine Lagarde, who was the Finance Minister in France, was selected as the head of the IMF, and this is the first time the position has been received by a woman.  Emerging economies opposed her candidacy but she has pledged to give attention to the needs of developing economies.

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