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

UK 100 called to open -5pts with Asian equities in the red after reports about more easing before the next BoJ meeting in early April, dovish comments from nominees for the top posts at the Bank (they take office on Mar 20) and dovish minutes form the most recent BoJ meeting (which all initially helped the Nikkei follow US bourses higher) were countered by renewed doubts stemming from the patchiness of recent macro-economic data, especially that from China over the weekend and increased geopolitical tensions between North and South Korea.

Overnight macro data comprised a fall back in UK house prices (consumer confidence indicator), while Manpower surveys for Japan and China showed the former unchanged but the latter improving. Australian Business surveys also went into reverse, but Japanese Consumer Confidence unexpectedly improved. Out just now is German Wholesale Prices inflation which slowed up as expected and Consumer Price Inflation readings confirmed.

US markets closed higher, with yet another record high recorded by the Dow Jones (crisis? what crisis?), the S&P500 just very close to doing the same, and the Tech sector recovering from some initial weakness on talk that Apple could announce what it will do with all that cash. Dividend?

In focus today will be the UK, with updates on manufacturing and Industrial data which is expected to have posted flat growth in January helping the year-on-year decline to improve , while the UK Trade Balance which is also seen relatively flat. In the afternoon, look to the NIESR’s most recent UK GDP Estimate where any advances on breakeven would likely to be well received.

Watch the Banks this morning with UK’s Telegraph running with a story that UK Banks may have £30bn of hidden and undeclared losses linked to bad debts which may have to be written off in coming years. Note also the calls for a boost to the FLS (Funds for Lending Scheme) with banks failing to lend as freely to businesses as government wants to help boost GDP.

UK 100 off its highs of 6516 and back at the round number 6500. Rising support from 6310 on 1 March remains in place as risk appetite still very present, but the trendline could be called into question given the element of caution which has crept in, as it does regularly – part of the market dance between bulls and bears, and especially after strong gains of the like seen over the last 3 months. As proffered yesterday, could a bee-line be made for pre-crisis highs near 6800, with support having move up to 6460.

In FX, the GBP/USD remains on a Southerly course but with a candlestick pattern of indecision yesterday (spinning top; big range, open and close similar) representing a potential signal of support and reversal. However, UK’s Sterling not without is woes and Greenback in demand, not helping the pair. EUR/USD back up above 1.30 despite concerns over Italy and Cyprus/Greece as investors’ thick skin maintains Eurozone recovery optimism. Support at 200-day moving average 1.295.

In commodities, Gold flat around $1580 as EUR/USD tussle continues. Long lower candlestick wicks suggests support for the yellow metal on any pullbacks. In Oil, US Light Crude keeps posting higher highs with $92.3 being touched and support at $91. Brent Crude back below $110 with falling highs since 6 March but some support at $109.5.

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

• Japan               Manpower Survey                               Unchanged
• UK                    RICS House Price Balance                   Worse
• China               Manpower Survey                               Improved
• Aussie              Business Conditions                            Deteriorated
• Aussie              Business Confidence                           Deteriorated
• Japan               Consumer Confidence                                    Better
• Germany         Wholesale price Index                                    In-line
• Germany         Consumer Price Inflation                    In-line

See Live Macro calendar for all details

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

• IG Group’s third-quarter revenue up 18% on improved client sentiment
• Close Brothers H1 operating profit up 26%
• Sylvania says recent work stoppages cause production loss of about 900 oz
• Miner Antofagasta boosts payout as 2012 profits tick higher
• Inchcape profit up 10% on Asia growth
• Lloyds raises £520m via St James’s placing
• Trap Oil buys further stake in Orchid Oil discovery
• SDL Plc profit falls
• Computacenter says group revenues up 2.2% to £2.91bn for FY 2012
• Fresnillo 2012 profit falls 19% on lower silver price
• British Land sells London office block for £472m
• British Land to raise £500m to fund investments
• Punch Taverns Q2 profit in line despite bad weather
• Clear Leisure ditches Edenlandia & Napoli Zoo bid
• Chaarat says talks with suitor Shandong Gold to restart
• Gem Diamonds says long term outlook for diamond industry remains robust