Markets Are Slipping After Japanese Stocks Get Slammed

Good morning! Markets in Europe and futures in the US are slightly in the red, continuing the losses from last week.

The big loser of the day is Japan - which had its first official trading day of 2014 - only to see the Nikkei fall 2.3%.

Service PMI reports from various European countries have been coming out and it's a mixed bag. The big winner is Spain, where the composite data has 77-month high.

Meanwhile, traders are beating up on Turkey again, as the Lira has hit a new low against the dollar.