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

UK 100 called to open up 20 points higher this morning following gains seen in the US and Asia overnight. Will we see a similar pattern to yesterday’s trading where the UK Index was called to open up by 20 points but then gave up all its gains by the end of the session? Interest rate decisions from both he UK and ECB this afternoon will be one to look out for.

Overnight in Asia, the Hang Seng was up 275 points at 22,500 whilst the Nikkei was recently up 12 points at 14,065. Asian car makers (Honda/Nissan and Hyundai) helped the indices remain in positive territory with an increase in the car sales in August. In the US, the Dow Jones had a strong session closing up 97 points 14,931, still shy of the key 15,000 level though. The S&P added 13 points at 1,653. Yesterday’s Beige book (a periodic report from the Federal Reserve) backed up the theory that the American economy is in recovery mode, albeit at a moderate pace.

In focus today, macro data wise we have factory orders out from Germany at 11:00, an indication of economic growth in Europe’s super power. Bank of England rate announcement and asset purchase target is out at 12:00. Initial jobless claims, continuing claims and non-farm productivity from the US at 13:30 ahead of the non-farm payroll data due out tomorrow. Company wise, Dixons (DXNS.L) announce Q2 results, Easyjet (EZJ.L) produce passenger numbers, Betfair (BET.L) and Supergroup (SGP.L) provide the market with trading statements.

Looking at a very short-term chart, the UK 100 is slowly creeping towards the 6,500 level (currently at 6,496) although no real moves either way have yet to be seen. We wait for a significant break of this key level as well as one-week highs of 6,530 before seeing any real upside.

The markets have taken the view that military intervention could still take some time to happen which led to a sell-off in commodities. The price of gold is trading around one/two-week lows of around $1385 as traders keep an eye on developments in Syria. Brent crude trading at $114 a barrel whilst US light crude is trading around $106.8.

In FX space the Euro is trading weak against most of the major currencies this morning. GBP vs EUR is trading near four-month highs of 1.185 and at 1.31 vs the USD.

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

• JAPAN      Base Target                        IN-LINE
• AUSSIE     Trade Balance        WORSE

See Live Macro calendar for all details

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

• Dixons Retail to sell Electroworld operations in Turkey
• EasyJet’s August passenger traffic grows 3.9 pct
• Silverdell names Mark Hazlewood as CFO
• Entertainment One agrees exclusive three-year deal with AMC Networks
• Betfair Q1 revenue falls 13 pct as narrows focus
• Monitise FY adjusted loss 32.8 mln stg
• Monitise posts loss after deal and investments push up operating cost
• Monitise appoints Peter Ayliffe chairman
• Severn Trent will not ask for price limit review
• Pinnacle says Coms offer is opportunistic
• Spirit Pub like-for-like net sales up 4.1 pct for 12 weeks to Aug 17
• SuperGroup Q1 group sales jump 25.7 pct
• GSK cancer vaccine misses target in melanoma trial
• Go-Ahead profit falls on higher rail franchise payments
• Spirit Pub sales jump as Britons battle hot summer
• Shell makes small, uncommercial gas discovery off Norway