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

UK 100 called to open up 20 points higher this morning after its biggest one day gain we have seen since October 2011 (closing up over 3% at 6,421). The Bank of England’s (and ECB’s) decision to keep interest rates on hold yesterday helped bring the bulls back to the markets. Interestingly, it was more the comments about rates not likely to rise anytime soon which traders liked more. The UK Index is also taking a lead this morning from strong Asian markets overnight.

Overnight in Asia, the Nikkei was recently up 225 points at 14,244 whilst the Hang Seng closed up 300 points at 20,766.

In the US, the Dow Jones (and all other US indices) were closed for Independence Day so all eyes will be on how they react when they open later this afternoon.

In focus today there are no scheduled corporate earnings so we look to macro data for any real direction. US non-farm payroll data and unemployment rate being the most anticipated of today’s data. Expectations for non-farms is 165,000 (jobs added) vs 175,000 last time although we will probably start getting more consensus figures during the day. Unemployment rate expectation is 7.5% so any figures above or below will likely move the markets.

UK 100 rebounding to one week/one month highs with 6,500 now becoming the first short term resistance to the upside. 6,400 becomes the psychological support level before previous week highs of around 6,310 provide further support to the downside.

In FX, the £ lost ground mainly due to the dovish comments by the BoE and ECB. Mark Carney’s decision to keep rates unchanged as well as keeping the asset purchase programme unchanged meant the £ traded lower vs the $ and €, currently trading at 1.50 and 1.16 respectively.

Commodity prices also retraced after the reasonably swift ouster of Egyptian President Mohamed Mursi. As tension seems to have settled, we have seen the price of oil ease too. US Light Crude currently trading at $100.9. Gold prices have also eased as the equity markets rallied, currently down $8 at $1241.

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

• JAPAN      Leading Index         BETTER
• JAPAN      Coincident Index     BETTER

See Live Macro calendar for all details

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

• McBride sees year in line, revenue down as expected
• Afren increases stake in First Hydrocarbon Nigeria
• British Land invests 470 mln stg in Paddington estate
• Archipelago Resources says new finance facility in place
• Tower Resources forms alliance with exploration specialists
• Promethean World agrees new 25 mln stg banking facility
• Smiths Group reaches agreement with two UK pension schemes
• Petroceltic starts legal proceedings against 2 parties
• Antofagasta says Los Pelambres mine unaffected by court decision
• Balfour Beatty wins 121 mln stg London hotel contract
• Innovation Group sells its stake in Travest