Following yesterday’s earnings disappointments, most notably from Microsoft which is down 7% this morning following the usual after-the-fact downgrades from JPM, Citi and Nomura, futures were already on a the back foot heading into this morning – no doubt impacted by the deja vu ridiculous move in the EURCHF noted earlier – when the latest batch of earnings just hit, of which Dow component Procter and Gamble stood out and which missed revenue of $20.16Bn (est. $20.67Bn) and EPS of $1.06 (est. $1.13).