Asian markets rallied in overnight trade, with Hong Kong's Hang Seng advancing 1.7 percent. Markets in Europe are rising and U.S. futures point to a positive open.
Spain was forced to pay sharply higher borrowing costs when issuing €2.981 billion of medium and long-term debt today, as demand plunged. The country issued two- and five-year bonds at steep 5.3 and 6.54 percent yields. Here's how Germany ate everyone else's lunch in Europe >
France secured record low rates at auction this morning. The country issued €8.958 billion worth of medium term debt. Yields on the five-year fell to 0.86 percent.
U.K. retail sales climbed just 0.1 percent sequentially in June, below expectations for a 0.6 percent gain. Weather was blamed for poor food sales. Meanwhile, Italian industrial orders recovered in May, rising 1.7 percent from a month earlier. International orders for Italian goods advanced 2 percent.