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

UK 100 called to open -5pts, despite Asian markets positive following BoJ leaving policy unchanged, taking a breather on easing measures and announcements, reiterating the new 2% inflation target and alluding to a bottoming out for the economy which was taken by many as an upgrade to outlook versus previous rhetoric of weakening growth.

The central bank announcement nonetheless followed a worse-than-expected Japanese GDP figure (negative, stuck in recession, versus consensus recovery to positive), and with a downwardly revised 1.0% in Q3, which for many just went to reinforce the need for continued more policy easing to help stimulate a growth recovery.

The subject of promoting recovery via currency manipulation (currency weakening ‘wars’)remains high on the media agenda ahead of the G20 meetings starting tomorrow and after confusing G7 statements, as well as comments not exactly considered cricket by G7 peers continue to emerge from BoJ officials talking down the JPY versus peers.

France also in on the act calling for a less strong EUR in order to help with the region’s rebound (although G7 says Paris isolated on calls) and even GBP taken down another peg after BoE quarterly inflation report pointed to higher inflation for longer (no change there then), and slower recovery.

US markets closed mixed, with Down Jones sub-14K as the likes of McDonalds were a drag in response to calls by Obama for a higher minimum age which would dent profit margins. Slower Retail Sales also put sentiment in check after the gains of late.

In focus today will be the Eurozone GDP, especially after the weak prints from France and Germany this morning, with both slightly more contractionary than expected which will likely weigh in the regional figure which consensus puts at -0.4% in Q4, the worst decline since the demise of Lehman Bros.

The ECB Monthly Reports will be of interest given the EUR’s recent strength and after the poor GDP figures. In the afternoon, US jobless likely watched for news on the unemployment situation given its importance as a Fed metric, but unlikely to be much changed for the prior week and recent 4-week average.

UK 100 made good ground yesterday. The try above prior highs was bullish signal, and showed momentum still lurking, but the proximity of resistance to the round number 6400 and the subsequent weakness in futures weaker overnight after poor growth figures may see caution dominate ahead of the G20 weekend.

In FX, GBP/USD made decisive break below long-term rising lows at 1.565 after BoE quarterly inflation report pointed to slow recovery, no change in rates for a good while and despite inflation higher for longer. EUR/USD also weakened sharply and down near recent lows. Possible bearish flag pattern leading to a decline to 1.325 trendline of rising support. GBP/EUR still weak, but found some support at 1.151 as EUR and GBP weakness offsetting.

In Commodities, Gold now trading in new narrow range $1640-1650, which could be a pause before another leg down to 2013 lows of $1625 as USD strengthens. In Oil, US Light Crude under pressure at $97.2 after hitting $98, while Brent Crude maintains rising trend of 2-week support at $118.

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

• Japan               GDP                                                     Worse
• Japan               Interest Rates                                      In-line
• Aussie              Consumer Inflation Expectations        Better for AUD
• France             GDP                                                     Worse
• Germany         GDP                                                     Worse
• UK                    Rio Tinto FY 2012 Results                   Better 
• UK                    Rolls Royce FY 2012 Results               Mixed
• France             BNP Paribas FY 2012 Results              Worse
• See Live Macro calendar for all details

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

• Synergy Health sees earnings within forecasts
• AMEC says annual EBITA up 11 percent
• Rio Tinto says paid no Australia MRRT tax last year
• Rio Tinto H2 underlying profit slumps 47 pct
• Chain-maker Renold warns on profit
• Pennon on track to meet management expectations
• Halma sees full-year profit in line with market expectations
• Rolls-Royce year profit rises 24 pct
• Rolls-Royce sees no impact from 787 grounding-CEO
• Avocet downgrades mineral reserves, mulls equity raise
• Aberdeen Asset Management to buy Artio Global Investors for $175 mln
• Morgan Crucible full-year profit falls
• Capita to buy IT services firm
• Entertainment One sees year earnings in line
• Kea Petroleum makes oil discovery at Puka 2 well