Markets Overview: (Source: Bloomberg, FT, Reuters, DJ Newswires)

UK 100 called to open 45 points higher at 6463  taking a lead from Asian markets overnight as well as concerns in Syria receding. Chinese manufacturing data showed output hitting a 16-month high, helping to push the Hang Seng almost 400 points higher at 22,131. In Japan, the Nikkei was up 190 points at 13,579 as consumer credit firms and exporters all helped push the index higher.

US markets were pretty flat on Friday with the Dow Jones closing down 31 points at 14,810 whilst the Nasdaq lost 30 points at 3,590. Volumes on UK markets are likely to be subdued today as US markets are closed for Labor Day.

Macro data; Chinese PMI data came in better than expected at 51.0, however HSBC/Markit Chinese PMI came in slightly worse than expected at 50.1, both still in expansion territory. Look out for PMI data from France, Germany and EU this morning which all could have an impact on market sentiment. House builder Berkeley Group reported this morning with what looks like a strong set of figures.

UK 100 failing to break above its one/three month downtrend, currently towards the top of this range. A break above 6,500 is needed before we see any break of this trend. Support remains at 6,400 and 6,350.

The price of gold dropped for a third day as tension in Syria eases, drawing investors from the safe haven. Currently trading at $1395.60, having been as low as $1373.85 overnight.

Hope of stability returning to the middle east also encouraged oil prices to retreat for a third consecutive session. US Light crude trading at $105.65. Brent trading at $113.15.

In FX space the Japanese Yen dominates headlines. The currency fell against all of its major peers after the latest policy proposals from Shinzo Abe to weaken the currency in a bid to spur economic growth, received backing.

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Overnight Macro Data: (Source: Reuters/DJ Newswires)

• AUSSIE     TD Securities Inflation        IN-LINE
• AUSSIE     Building Approvals              BETTER
• AUSSIE     Company Op. Profit            WORSE
• AUSSIE     Ineventories                        BETTER
• CHINA      Manufacturing PMI           BETTER
• JAPAN      Vehicle Sales                       IN-LINE

See Live Macro calendar for all details

UK Company Headlines: (Source: Reuters/DJ Newswires)

• Rio Tinto says Phase two expansion of the port, rail and power infrastructure to 360 MT/A is underway
• Berkeley says trading in line, well placed to hit profit targets
• Chariot Oil signs concession agreements for offshore Brazilian licences
• Conviviality Retail buys Wine Rack for 1.65 mln stg
• Mwana Africa names Stuart Morris as interim chairman
• Vertu Motors says like-for-like profits up since end July
• Rolls-Royce sells helicopter engine stake to Safran’s Turbomeca
• Petroceltic starts drilling wells in Kurdistan and Romania
• Tullow says latest Mozambique well is dry hole