With the end of the month comes the release of the Chicago PMI, an early look at the state of the manufacturing sector in the US heartland. A reading of 59.0 is expected from 60.4 last month. We have to wait about 90 minutes before the data is released at 13:45 GMT.

Markets are in a risk-averse mood as Italian and Spanish debt require more ECB action and the BOJ’s foray into the currency markets pays diminishing returns.