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

UK 100 called to open +11 points at 6674 with that is expected to be a very quiet day due to the US President’s Day holiday (most US/Canadian markets are closed). In the US on Friday evening, the Dow Jones was up 126 points at 16,154 whilst the S&P was up 8points at 1,838.

Overnight in Asia, stock markets were higher across the board with the Nikkei 225 up 80 points at 14,393 after a shaky start following Q4’s weak preliminary GDP release. Good macro data from China helped push the Hang Seng higher by 230 points at 22,528. Strong loan growth which is also now at record levels (boosting optimism the world’s second-largest economy can maintain its growth momentum) was the main reason for the rally.

With a series of lower highs being formed on the UK 100 last week, is momentum starting to fade away? On the upside, the UK Index needs to push on towards 6700 to see any significant break of recent resistance. On the downside however, there seems to be less support with 6650 and then 6600 the only real levels of support. With a very quiet day of macro data, I cannot see much direction on UK/European indices today.

Results today; Hammerson (HMSO.L) Announces final dividend 19.1p p/sh. Growth of 2.1% in like-for-like sales, net rental income. Occupancy of 97.7% exceeds benchmark of 97% and is up since the half year. On course to deliver strong growth in earnings and dividends over the medium term. Fidessa Group (FDSA.L) Announces FY revenues of £279m and FY adjusted pre-tax profit down 2% at £41.8m but expects modest constant currency growth in 2014.

In commodities, Gold continues its upward trend hitting $1330 highest levels since beginning of November before settling down at $1325 as demand for the safe haven increased on speculation the US economic will slow. Gold has now rallied over 10% his year alone, recovering from significant losses last year where it was down 28%. Silver also headed for its longest run of gains since 1968 touching $21.97. WTI breached $101 before falling back within its recent range around the $100 handle. With US markets closed for President Day expect low volumes with potential increased volatility.

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

• UK            Rightmove House Prices    IN-LINE
• Aussie      New Vehicle Sales             IN-LINE
• Japan       Industrial Production          IN-LINE

See Live Macro calendar for all details

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

• BP to partly shut Indonesia LNG facility in July for maintenance
• Hammerson full year net asset value rises 5.7 pct, ups dividend by 8 pct
• Dev Secs signs leasing deal with UKTV
• Kazakhmys to increase salaries after devaluation
• Telecom Plus sees profits in line with forecasts
• Mediterranean Oil and Gas says court case starts in two weeks
• Whitbread partners Action Hotels to develop Premier Inn in Middle East
• Oil services firm Gulf Marine eyes London IPO
• Fidessa post full-year revenue of 279 mln stg
• IMI says share consolidation to take place
• Galliford Try preferred bidder for 41 mln stg residential contract
• Lok’n Store says trading in line with expectations