UK 100 called to open -5 points, as Ben Bernanke offered hints, but no certainty of action to come at last Friday’s Jackson Hole speech.  An interesting 2 weeks await until the next FOMC meeting with upcoming macro-economic data viewed to support/negate speculation of QE3.  The Non-Farm Payroll number at the end of the week could be have added gravitas, as the job market was highlighted as “important to achieve further progress” by Bernanke.

Chinese data released overnight, weighed on the Asian markets, with the official government manufacturing PMI figure coming in at a nine-month low of 49.2.  The final figure for August of HSBC’s PMI came even lower at 47.6.  This was the lowest since March 2009, and now shows intensifying pressure on the Chinese government to step up easing measures.  The miners on the UK 100 may continue to feel the effect of the slowdown in China’s economic expansion.

In Commodities Gold is trading just off week highs (trading around $1,687), as Bernanke uncertain comments do little to push equity markets higher (Gold often seen as a safe-haven when equity markets aren’t performing). In Oil, Brent Crude trading around $113 whilst US Light Crude also trades slightly lower at around $96 a barrel. With FX, Bernanke’s ‘sit on the fence’ approach, it’s no surprise to see little chance with the major currency pairs. GBP vs USD trading at 1.58 and while EUR vs USD is currently trading ar around 1.25.

Remember that most US Markets are closed today.

As always, have a chat with your friendly trader for anything other information you require.

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

• NZ                      Terms of Trade Index                 WORSE
• UK                      Lloyds Business Barometer     In-Line
• JAPAN              Capital Spending                         WORSE
• AUSSIE             TD Securities Inflation              In-Line
• CHINA              Non-manufacturing PMI         In-Line
• AUSSIE             Inventories                                 BETTER
• AUSSIE             Retail Sales                                 WORSE
• See Live Macro calendar for all details

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

• Lochard Energy puts itself up for sale
• Max Petroleum makes discovery at Baichonas drill
• Headlam acquries Welsh floor covering distributor
• Motive Television names new CFO
• Vodafone, Zain in Middle East partner deal
• MDM awarded Wits Gold study
• Tertiary Minerals acquires option on Nevada mining claims

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• 08:13-09:28       EU          Manufacturing PMI (Various times)
• 11:45                     EU          ECB SMP
• 17:00                    IT            New Car Registrations
• 18:00                    IT            Budget Balance
• See Live Macro Calendar for all data, incl. consensus expectations