European Parliament

Tuesday's session started off on the back foot, with the Euro first sliding on Draghi's dovish comments before Europarliament on Monday where he signaled no imminent change to ECB’s forward guidance coupled with a Bild report late on Monday according to which Greece was prepared to forego its next debt payment if not relief is offered by creditors, pushing European stocks lower as much as -0.6%. However the initial weakness reversed after Greece's Tzanakopoulos denied the Bild report, sending the Euro and European bank stocks higher from session lows.

Just hours after the predictable passage of today's Turkish referendum, the EU has promptly slammed the outcome, warning it threatens to slide the country's collapse into "authoritarianism" and that Turkey's accession talks with the EU will be suspended if the constitutional package is implement as per today's outcome.

Authored by Judith Bergmann via The Gatestone Institute,

• The rule strikes at the very center of free speech, namely that of elected politicians, which the European Court of Human Rights has deemed in its practice to be specially protected. Members of the European Parliament are people who have been elected to make the voices of their constituents heard inside the institutions of the European Union.

In a relatively quiet session, which may see US traders sleep in a bit after last night's Superbowl thriller, European and Asian shares rose ahead of Mario Draghi’s testimony at the European Parliament, while US equity futures were fractionally higher (up 0.1% to 2,293) after stocks jumped the most in a week, as traders assessed the trajectory for interest rates while scrutinizing every new Trump tweet.

In what may have been this weekend's biggest surprise, and one which some have suggested demonstrated Beppe Grillo's true nature, in a blog published on Sunday, the founder of Italy's Five-Star Movement (M5S) said his political movement should ditch Nigel Farage's anti-EU UK Independence Party (UKIP) in the European Parliament, and seek a hook up with the liberal pro-EU group Alliance of Liberals and Democrats for Europe, or ALDE, led by European Federalist Guy Verhofstadt, in an attempt to consolidated power in the European parliament.