US equities have started the day higher buoyed by optimism over the situation in Japan - where a more aggressive Governor of the Bank of Japan is now expected - and bolstered by an initial upbeat reaction to the first exit polls out of Italy.

Acting as a backdrop, US President Obama yesterday harangued Republicans for not doing to avoid the automatic cuts on government spending to come into effect this next Friday. Known colloquially as 'sequestration' those reductions will see outlays cut by $85bn in what is left of the current fiscal year, which ends on September 30th.

The Republican speaker of the US House of Representatives, John Boehner, is to address the matter in a speech after today's close.

Home improvement retailer Lowe's Cos. has provided weaker than expected guidance for the full year.

CME has made an approach for Deutsche Boerse, the operator of the Frankfurt stock exchange, according to Bloomberg, although this has been denied by the latter.

Royalty Pharma has offered approximately $6.5bn for Irish pharmaceutical firm Elan.

The Federal Reserve bank of Chicago's national activity index fell to a reading of -0.32 in January, after a level of 0.25 in the month before.

10 year US Treasury yields are now rising by 3 basis points to the 2.0% level.

Front month West Texas crude futures are now rising by 0.34% to the 93.47dollar per barrel mark on the NYMEX.

AB

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