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

UK Index called to open down 35 points at 6520, testing 5 week lows as tensions escalate in Ukraine, amid reports of shots being fired again, and ahead of this weekend’s referendum in Crimea. German Dax called lower by almost 100 points at 8930 trading at lower levels since October last year, having fallen 680 points in March alone.

Asian markets were clearly spooked with Ukraine and Russia still in the spot light, and this coupled with fears of further loan defaults out of China sent equity markets sharply lower. The Japanese Nikkei led the way down by 3.3% at four-week lows of 14,300 points whilst the Hang Seng was lower by 1.3% and the Shanghai Composite down 0.9%. With continued concerns that the Chinese economy is slowing down following weak data over the last two-weeks, regional bond risk climbed whilst copper continued to decline.

US markets all finished with sizeable losses, reversing early gains from better than expected US Retail Sales, as risk was taken off the table. The Dow Jones fell with triple digit losses, down 230 points, 1.4% at 16,100 with all members in the red. The S&P 500 finished lower by 1.1% and the Nasdaq down 1.4%.

In focus today: EU Zone current account due at 9:00, UK Public Sector Net Borrowing 9:30, EU Consumer Confidence at 15:00. FOMC Member Stein speaking at 22:30.

Commodities: Gold reached a six month high following the escalating tension in Ukraine reaching $1,376.64 oz which is the highest level since 10^th September and is now up 14% so far in 2014. Copper is heading for its third weekly loss hitting $6,386 tn on the back or weakening Chinese industrial production data sparking fear of slowing Chinese demand. WTI fell 2% to $97.99 the lowest level since 6^th February, Brent slipped 0.6% to $107.39 both falling on fears of a slowdown in the Chinese economy.

Results today: JD Wetherspoon (JDW.L) H1 pretax profit increased by 8.5% to £37.8m, L-f-L sales increased 5.2%, operating margin was 8.2%. SThree (STHR.L) Q1 gross profit up 9%, strong seasonal recovery in contractor runners up 16% Y-o-Y, permanent deal pipeline volume up 7% Y-o-Y.

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

• U.S. lifts ban blocking BP from new government contracts
• Circle Oil signs facility of up to $100 mln
• Gulf Marine Services sets offer price at 135 pence for IPO
• JD Wetherspoon posts 8.5 pct rise in H1 profit
• Aggreko updates shareholders on return of cash