Asian markets largely sold off in overnight trading, with Hong Kong's Hang Seng off 0.3 percent. Shares in Europe are higher across the board and U.S. futures point to a positive open.

 

 Spain sold some €2.52 billion three and five year bonds, above its maximum target. However yields on the sale continued to head higher, nearing 5 percent.

 

 The Confederation of British Industry lowered its 2012 growth forecasts for the U.K. by 30 basis points to 0.6 percent. Separately, the Lloyds Bank barometer of business activity showed that the economic downturn should be short and the economy will begin to expand in the second quarter.

 

 China's service sector slowed slightly from the rapid growth recorded in March, with non-manufacturing PMI declining to 56.1 in April. Indian services PMI increased to 52.8 in April from 52.3 in March.