Good morning all,

Markets are called to open higher this morning. This is what's happening today:

• EU to Unveil Euro-Area Bank-Failure Plan Amid German Opposition

• Latvia Raised to BBB+ From BBB by Fitch; Outlook Stable

• Deutsche Annington Immobilien Places Shrs at EU16.50 in IPO

• Cable Said to Outline Plan for Sale of U.K. Royal Mail Shares

• Fiat May Move Alfa Romeo Models Out of Italy in Labor Dispute

• Marchionne Says Not Getting Closer to Chrysler Deal With VEBA

EARNINGS All times CET, estimates where available:

• Tryg (TRYG DC) 7:30am, 1H

• Gerresheimer (GXI GR) 7:30am, 2Q adj. EPS est. EU0.64

• Burberry (BRBY LN) 8am, 1Q rev. est. GBP317m, comparable sales est. up 5%

• Sodexo (SW FP) 7am, 3Q sales

• Barratt (BDEV LN) 8am, 4Q sales, trading

• Fraport (FRA GR) 7am, June traffic

• ICAP (IAP LN) 8am, 1Q sales, IMS

• Booker Group (BOK LN) 8am, 1Q sales, IMS

• Bwin.Party Digital (BPTY LN) 8am, 2Q sales, pre-close trading

Asian stocks trimmed gains and metals declined as China’s imports and exports unexpectedly fell. The yen strengthened as the Bank of Japan began a two-day policy meeting while crude oil climbed in New York.

The MSCI Asia Pacific Index increased 0.2 percent by 2:38 p.m. in Tokyo, paring a 0.8 percent gain. Standard & Poor’s 500 Index futures slipped 0.2 percent after the gauge closed within 1 percent of a record high yesterday. FTSE 100 Index contracts retreated 0.3 percent. The yen rose against 15 of its 16 major counterparts as copper dropped 0.6 percent and silver fell 1.2 percent. West Texas Intermediate crude oil added 1 percent.

China’s exports and imports fell in June, adding to signs of a slowdown in the world’s second-biggest economy. Minutes of the Federal Open Market Committee’s June 18-19 meeting will be released today and Fed Chairman Ben S. Bernanke will speak at a National Bureau of Economic Research conference.

“I don’t think China is a house of cards that’s about to fall, but it is something that needs to be focused on,” Tim Schroeders, a portfolio manager who helps manage $1 billion in equities at Pengana Capital Ltd. in Melbourne, said by phone. “It’s a risk for investors in terms of how it’s managed from here on in. We expect more policy response and greater detail about how they are going to put their stamp on policy in the second half of this year.”

Good day and happy trading!

Kristian Camenzuli