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

UK 100 called to open -10 at 6852, pausing for breath after surging closer towards record highs yesterday. We are set to open just 10 points lower than yesterday’s close which is also around 14 year highs for the UK’s flagship index.

In the US, markets edged higher although they were all off from their intra-day highs. The S&P managed to hit and all-time record high of 1858 before closing up 11 points at 1847. The Dow Jones also saw similar gains, closing up 103 points at 16,207 despite some weak macro data (Chicago Fed National Activity Index fell, Dallas Fed Manufacturing Activity Index dropped and US service PMI also fell).

Overnight in Asia, markets were generally higher with the Hang Seng up 22 points at 22,410 whilst the Nikkei was up 213 points at 15,051.

Results today: Persimmon (PSN.L) FY underlying pretax profit up 49% to £330m. Revenue up 21% to £2.1bn. Total forward sales are currently £1.424m for 2014 including legal completions taken so far this year an increase of 41%. GKN (GKN.L) reports 17% rise in annual profit beating expectations. Profit £578m vs. £565m expected. “Although some of our end markets were challenging, we continued to show growth. We expect the Group’s progress to continue in 2014,” said CEO Nigel Stein. Croda International (CRDA.L) Currency translation to have an adverse impact on profit growth in 2014. Adjusted pretax profit increased 5.4% to £251.4m. Revenue increased 2.4% to £1.077bn missing expectations of £1.079bn. Ladbrokes (LAD.L) FY underlying operating profit fell 32.9% to £138.3m; Operating profit is targeted to be ahead of H2 2013. Dividend commitment in 2014 of at least 8.9p

In focus today macro data-wise will be PPI data from Spain as well as retail sales from Italy this morning. Later this afternoon, we have house price index figures and consumer confidence numbers at 2 and 3pm respectively.

The UK 100 continues to push higher and is still in the upward channel looking at the one-year chart. A break of 6880 (yesterday’s highs in the futures market) will give us no real resistance to the upside and on to new high territory. Support is now being formed at 6800, 6750 and at 6700.

In commodities, gold upward trend continued touching $1339, highest levels since Oct 31^st, heading for its first back-to-back monthly increase since August. Having fallen 28% last year, gold is now up year to date 11%, and thus outperforming the equity markets. With US consumer confidence data out at 15:00pm, this could help push gold above the $1350 if it fails to impress, with $1300 proving a good level of support. WTI fell slightly for the third time in four days ahead of stockpile data released this afternoon. Trading at $102.4 we have seen little activity recently, with the cold weather spell keeping WTI within a tight range.

In currencies the Chinese Yuan tumbled the most in more than a year on speculation the PBOC want an end to the steady appreciation and an increase in volatility. GBP/USD was trading at $1.66, a one week low on concerns that UK growth is slowing. EUR/GBP held onto its biggest drop in a week on speculation that the ECB may add to monetary stimulus next week, trading at £0.8342.

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

• China               Leading Economic Index         IN-LINE
• Japan               Small Business Confidence     IN-LINE
• Germany         GDP                                         IN-LINE

See Live Macro calendar for all details

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

• BHP to suspend iron ore output at Yarrie indefinitely
• Ladbrokes posts sharp fall in 2013 profit
• Ladbrokes sees first-half profit hit from online betting upgrade
• Wood Group says renews contract from Talisman Sinopec Energy UK
• McColls Retail sets offer price at 191 pence
• Randgold Resources says Kibali takes next step to full production
• Persimmon full year pretax profit jumps 49 percent to 330 mln stg
• UK lender Provident Financial’s full-year profit up 10 percent
• Kerry posts 10.2 pct rise in full-year adjusted earnings
• Genus says H1 adjusted pretax profit 20.6 mln stg
• Cobham investigating unit’s sales practices, contacts DOJ
• Dechra Pharma H1 underlying EBITDA rises
• GKN profit rises 17 pct in 2013 on automotive boost
• Capital and Counties proposes final dividend of 1 pence per share
• St James’s Place close to Asian acquisition
• Croda sees currency translation hurting 2014 profit
• Elementis FY revenue rises 3 pct
• Ashmore first-half pre-tax profits down by a third
• IAG’s Iberia, cabin crew to meet Tuesday to try to reach labour deal
• De La Rue CEO Tim Cobbold quits to join UBM
• UBM appoints Tim Cobbold as chief executive officer
• Zambia suspends operations at Vedanta mine after accident