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

UK 100 called to open +20pts, despite Moody’s downgrade on the UK’s credit rating from AAA to AA1 on Friday. This is the first time in 30 years that Britain’s rating has been downgraded. “The medium term growth outlook will continue to be weak” said Moody’s however the UK say that this will not change their Austerity plans. Moody’s did however state that the outlook was now “stable.”

In Europe, no news yet on the Italian election results. Overnight data limited to Chinese HSBC Flash Manufacturing PMI data, which came in worse at 50.4 vs the 52.2 expected. This figure is worse than expected but still above the key ‘50’ level, indicating growth. On Friday, the Dow Jones gained 120 points to close above 14,000 whilst the Nasdaq gained 31 points at 3,162. In Asia, the Hang Seng closed at 22,828, up 46 points. The Nikkei was recently up around 240 points at 11,634. It is also reported that Japan’s prime minister Abe is lining up Haruhiko Kuroda as the Bank of Japan’s next governor.

In focus today, we’ve hardly any data at all to look forward to in Europe with UK mortgage approvals the morning’s only release. Keep an eye on US data at 13:30 and 15:30 (Chicago Fed National Activity Index and Dallas Fed Manufacturing Index).

In FX, the Yen dominates headlines, dropping to a near 3-yr low as the Japanese government move closer to appointing a new BOJ Governor to assist Shinzo Abe with (what is speculated to be) aggressive policy easing. The pound slid against the dollar for a second day after Moody’s lowered the UK’s credit rating one notch to Aa1 from Aaa, a trip to the States will see you only receive $1.515 for your pound. Be aware Euro traders, voting in Italy ceases at 15:00, information regarding the outcome could be with us early this evening.

In focus this week will be the potential volatility caused by results from some of the big heavy weights in the UK Index including; Persimmon, Bovis Homes, AB Foods, Dominos, Whitbread, RBS, Llloyds, William Hill, British American Tobacco, Kazakhmys, Redrow, Barratt Developments, Petrofac and others. Get in touch to see the full list and on which days they are reporting.

For any help you may require placing trades or in terms of market information, put a call in to our trading floor – all part of the service.

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

• China   HSBC Flash Manufacturing PMI         WORSE

See Live Macro calendar for all details

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

• Pearson 2012 earnings in line, sees 2013 flat
• AB Foods says Primark drives better first half
• Hiscox plans 200 mln stg capital return
• XP Power – Full-year profit falls 17 pct
• Senior Plc adjusted pretax profit rises on stronger aerospace business
• Bovis Homes full-year profit up 69 pct
• Persimmon FY profit up 52 pct, makes strong start to 2013
• UK’s Domino’s Pizza posts profit rise, snow hits start to 2013
• Ericsson says to deliver UK 4G/LTE network for O2
• Kingspan says FY trading profit up, third straight year of growth
• Reckitt Benckiser receives FDA response to citizen’s petition
• Audio tech firm HiWave Tech to call in administrators
• African Barrick names new chairman
• Rolls-Royce wins $40 mln gas pipeline contract
• Afferro Mining signs Cameroon development deal
• Genus interim profit falls
• Petra Diamonds first-half profit rises
• Thorntons half yearly Revenue up 2.9% to £133.7 million