Softer tones in early trades

  • German DAX futures -1.3%
  • UK FTSE futures -1.3%
  • Spanish IBEX futures -1.4%

European indices closed higher yesterday, missing out on the late drop in US stocks so the declines to start the session are more notable - not helped by the more subdued tone in Asian trading as well.

US futures are also seen down by ~0.6% and that is adding to the more defensive risk tones as we look to get the session underway.