MARKET COMMENTARY: Selling Risk Trades On Rallies

 A poor outturn for the US service sector (the ISM non-manufacturing index failed to match expectations, coming in at 50.5 in January versus consensus of 51.0) has weighed on markets. Reversed the boost to markets from the positive manufacturing purchasing managers (PMIs) indices earlier in the week
 However, Cisco Systems beat equity analyst expectations Meanwhile US ADP jobs data fell less than expected, resulting in a flat month for January
 Confidence is still shaky, with worries over Greek sovereign debt not abating and spreading to Portugal. Ratings downgrade fears remain