Morning all.. EU and US stocks had a bad day yesterday with the S&P closing down 1.53% after a rout in Asia. However things were choppy but less nervous in Asia overnight with the China stocks about unchanged on the day at present and the Nikkei down 0.4%. Sources said China intervened today to support its stock mkt after the sell-off yest; state-controlled funds bought stock incl banking & steel sectors . Oil markets are around half a percent higher, while credit indices in Asia are generally a basis point tighter. US equity futures are pointing towards a slightly more positive start. In FX the markets were quiet in Asia after a choppy London and US session.. EUR was trapped in a tight range until just before the London open when selling on the back of some VW share falls took us to session lows.. USDJPY has held gains made in the US session but quiet. EUR crosses all lower as London walks in. Turning over to the day ahead now the main focus in the European session will be the December CPI print for the Euro area where we’ll get the advance core reading (expectations for +1.0% yoy) and an estimate for the headline print (+0.3% yoy expected). Italian CPI is also due while over in Germany we’ll get the December unemployment data. It’s quieter in the US this afternoon with just the latest regional manufacturing print in the form of the ISM NY, while later this evening the December vehicle sales numbers are due out. Good luck..