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AUSSIE BONDS

Futures Off Lows, Curve Still Steeper

US TSYS

Steady Start

US Up, EU Down in Mixed Start

EQUITIES

Global equities are off to a mixed start this week, with US futures in modest positive territory while European stocks lag behind. The e-mini S&P is higher by just over 10 points, but is well off the session's best levels printed overnight at 3853.25.

In Europe, cash markets are lower by 0.1-0.7%, with Spain underperforming notably. The outstanding index is Italy, with the FTSE-MIB higher by 0.1% as markets pare back expectations of imminent elections in Italy. The chief of the PD party this morning stated that a government with Conte as PM, with the backing of parliament, is the best solution for Italy.

Across Europe, tech and healthcare names are the best performers, while real estate and energy names are on the back foot.

Focus remains on US earnings - highlights this week include:

TUES: Johnson & Johnson, Lockheed Martin, 3M, Microsoft

WEDS: Apple, Boeing, Facebook, AT&T, Tesla

THURS: Mastercard, McDonalds, Visa

FRI: Caterpillar, Eli Lilly