Dip buyers are making themselves heard in European morning trade, as equities are bought back up on the session.

European indices are now mixed with those holding losses seeing it trimmed to around 0.1% to 0.4% only. That compares with the much dour mood as losses were well over 1% earlier at the open.

Meanwhile, US futures have also turned things around to nurse the early losses into being positive now. S&P 500 futures are up 0.3%, Nasdaq futures are up 0.5%, and Dow futures are up 0.1%.

I'm still a bit guarded on the turnaround as we've seen similar optimism from last week fall short once Wall Street enters the fray. Hence, we'll only get a better sense of things later on.

For now at least, the improvement in the risk mood is also seeing oil trim losses to be up 0.1% at $87.40 and commodity currencies also move off earlier lows. AUD/USD is up from 0.7065 to 0.7095 while USD/CAD is down from 1.2725 to 1.2670.