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

• Aquarius Platinum posts Q3 loss on reduced production
• Aberdeen Asset Management profit rises as risk appetite returns
• Cadogan Petroleum full-year profit grows
• Aurelian Oil & Gas says adds to exploration area in Poland
• A G Barr gets approval for share split
• Max Petroleum sees NUR-1 results in June

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

UK 100 called to open +20pts after US markets closed with modest gains shrugging off a disappointing GDP figure and focusing more on a better than expected reading from the Uni of Michigan Confidence index, and the GDP figure opening the possibility of more QE from the Fed.

Overnight, many Asian markets (China & Japan) closed on account of Golden Week, but the region buoyant thanks to the positive lead form the US, which refused to react to the poor GDP figure. Macro data showed UK housing growing more weakly than the prior month, but falling less over the last year. German Retail Sales also came in a bit light, however, China’s Leading index did improve. We have also just had negative action on Spanish banks by S&P, understandable after the sovereign downgrade of last week, and dovetails nicely off press talk of a Spanish bad bank for toxic assets (see below).

This week’s focus likely on start with today’s GDP figure from Spain – expected to confirmed the troubled nation in double-dip recession, and following continued deterioration in unemployment figures last week (1 in four out of work; 1 in two youths). We also have UK PMI Manufacturing and Sales, which follow last week’s poor European readings. Thereafter, we have US Non-Farm payrolls on Friday, important after the poor GDP figure last week, and policy decisions from the ECB and RBA. While the former is expected to change nothing, but comment on the new ‘growth pact’, the latter is expected to cuts rates after a low inflation figure.

Enjoy the new week – at least the sun has finally come out of hiding!

Morning Press Selection:

• Spain in talks over ‘bad bank’ scheme – FT.com – Banks http://on.ft.com/KkPcBf
• Greek voters urged to back euro – FT.com – Europe http://on.ft.com/IjmbIm
• Dublin loses momentum on Yes vote – FT.com – Europe http://on.ft.com/JidWMx
• Brave but bloated – FT.com – Analysis http://on.ft.com/IO3DzW
• Economic outlook: Focus on US jobs data – FT.com – Global Economy http://on.ft.com/IfOQvu

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

• UK                    Hometrack Housing Survey    Mixed
• China               Leading Index                          Improved
• Germany         Retail Sales                             Weaker Growth