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

The UK 100 called to open a lower by 8pts at 6644 after a relatively lacklustre performance from Asia overnight as well as lighter than usual post Thanks Giving holiday trading in the US. Following on from ‘Black Friday,’ who’ll be the winners/losers today on ‘Cyber Monday?’

In Asia, the Hang Seng was recently ahead by 87 points at 23,968 after the government said it will resume initial public offerings, whilst the Nikkei closed down 6.8 points at 15,655.

In the US on Friday, the Dow Jones fell 11 points at 16,086 whilst the S&P was down 1 point at 1,806. Despite the subdued trading session, global stocks beat all assets for a third month in November, the longest winning streak since 2009, on signs that economic growth is accelerating.

In FX, the dollar index (which measures the US currency against a basket of six major rivals) eased 0.02% to 80.662 but managed to log a 0.5% gain for the month. Sterling hit a 5-year high against the Japanese Yen after the Bank of England reduded its housing sector stimulus, trading at 1.68 whilst vs the US $, also rallied to 1.64 (highest level since August 2011).

In focus today a fairly busy day, with manufacturing PMI’s from across Europe set to keep things going until US ISM manufacturing and construction spending data for September and October at 3pm later this afternoon.

After the fourth day below 6660, 6700 has now become the bugbear. Falling highs from end-October may have been replaced by breached rising lows from mid-month at 6670. Potential sideways move on account of thinner volumes, however PMI data from across Europe today may give us some direction either way. Highly awaited non-farm payroll data on Friday will also give us some indication on where the markets might head for the rest of December.

In commodities, are we headed for the first annual loss in prices since 2008? If history is anything to go by then yes! The Standard & Poor’s GSCI Spot Index of 24 raw materials fell in December 83% of the time since 1971 when the benchmark gauge was posting losses for the year through November, data compiled by Bloomberg show. Gold currently trading at $1246 whilst silver is trading at $1,982, both trading around 3-month lows.

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

• UK            Hometrack Housing Survey            In-Line
• AUSSIE     Building Approvals                          Better
• AUSSIE     Company Operating Profit             Better
• AUSSIE     Inventories                                      Worse
• JAPAN      Vehicle Sales                                   In-Line

See Live Macro calendar for all details

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

• Founders say ENRC offer to close on Dec. 16
• Exillon Energy updates on November output
• John Menzies in contract renewal with Trinity Mirror
• Senior buys Thermal Engineering for 28.3 mln stg
• Andor Tech says ‘disappointed’ with offer from Oxford Instruments
• Smiths News in 5 year contract extension with Trinity Mirror