European markets look set to open higher this morning at the end of a turbulent week in the wake of a strong finish on Wall Street last night, and all because of a two good bits of US data, such is the fickle nature of markets in these volatile times. Asian markets have followed suit this morning with the Nikkei helped by the fact the Japanese cabinet endorsed the latest steps in the so-called "third arrow" of Abenomics. Even so it will take a significant reversal of sentiment to prevent a fourth successive week of losses for Europe's markets. Investors also appear to have also taken comfort from a piece from the Wall Street Journal's Hilsenrath, who is widely acknowledged to have the ear of the Fed, that stated that any bond tapering program from the Fed would be gradual in nature, and that rates would remain low for quite some time to come, a point he expected to be reinforced at next week's Fed meeting. It does seem quite incredible that there are some in the market who needed to be reminded of this and actually believed that the Fed would consider acting in any other fashion than a gradual adjustment program when conditions merited it. Nevertheless, given yesterday's late market reaction, particularly in the bond market, this would appear to be the case. As far as economic data is concerned in Europe we have the latest Eurozone CPI data for May which is expected to show a year on year rise to 1.4%, while attention is also likely to be focussed on Rome where Italian, French, German and Spanish leaders are so meet to try and set the agenda for the next EU summit in two weeks' time and attempt to address the problems on unemployment in Europe, particularly youth unemployment. US economic data is also likely to be in focus in light of yesterday's market response to retail sales and weekly jobless claims. The latest industrial and manufacturing production numbers for May are expected to show a rise of 0.2%, however it is the Michigan Confidence numbers which tend to provoke a strong reaction given there tendency to miss in either direction. Expectations are for an unchanged reading of 84.5. We finish the week on a very quiet note in the UK with no major earnings being reported from blue chip stocks and hence we concentrate on small cap oil asset play Rockhopper Exploration. The shares have been heavily discounted since the middle of last year after the farm-out deal with Premier Oil and concerns on the delivery of the Sea Lion oil field development. It is already known that news flow will be subdued in the first half of 2013 and hence we aren't expecting any fireworks from this morning but will be hoping for some more defined time scales for the present projects and in particular Sea Lion. Royal Bank of Scotland is also set to remain in the spotlight in the aftermath of the departure of CEO Stephen Hester, as the dust continues to settle on the surprise news. In Germany women's lifestyle and fashion company Gerry Weber International AG are set to update the market on their expansion plans and its progress so far after recently announcing a plan to open 80 new stores in Europe, Turkey and U.S. With the difficult economic conditions the company has pinned its growth potential for the following year on the new openings. CMC Markets is an execution only provider. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person