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

UK 100 called to open flat with Asian stocks broadly higher in response to the better than expected US jobs data which offered renewed support to investor appetite. Gains nonetheless modest with the index approaching the 6500 level, some uncertainty over whether US jobs data is good or bad in terms of economic recovery and/or future for easy monetary policy and after a disappointing run of weekend data from China.

Chinese data showed inflation higher than expected (may limit stimulus options) and both industrial production and retail sales slowing surprisingly versus expectations. On the plus side, fixed asset investment (excluding rural) accelerated, likely helped by stimulus measures. Nikkei helped by weaker JPY/USD, with JPY dented on stimulus hopes and USD helped by stronger USD after jobs data and expectations of growth recovery. Remember it’s a relative strength game – beauty or ugly contest.

Overnight, macro data showed a slight improvement to the weak Lloyds Employment Confidence Index. Japanese Machine Tool Orders remained weak, but less than last month, while German Trade data showed better Imports and Exports with the former showing a sharp rebound and the latter accelerating strongly, confirming the rare beast of a positive economic trend.

In focus today, amid a slow macro line-up includes French industrial data which is seen remaining under pressure and weak on both a monthly and yearly basis. Italian GDP will be watched given the political deadlock which persists, the ratings downgrade late on Friday and electorate rejection of austerity while the country remains in recession which could soon turn depression.

This week, watch out for the European summit which is the first since the inconclusive Italian election and could see pressure piled on whoever prevails, be they political, technocratic or technical from Eurozone peers. Elsewhere, data of note includes UK Industrial Data tomorrow which is seen highlighting continued and warranted concern for the economic outlook. US Retail Sales on Wednesday will be watched for evidence of consumer demand.

UK 100 at new 5-year high with appetite for risk still strong. The question of round number begs the question of whether 6500 offers any resistance at all or whether the index is making a bee-line for the Pre-crisis highs just shy of 6800. Having broken the recent barrier of 6460, many will be hoping that support kicks in here.

In FX, the GBP/USD remains in downtrend with a break of 1.50, as confidence in the USD following the better jobs data adds to the woes of GBP which is suffering after the ratings downgrade, troubled finances and ahead of George Osborne’s 4^th budget. As for, EUR/USD, it remains weak but found support around 1.30 as EUR optimism offsets USD recovery hopes. Support at 200-day moving average, or pause before more weakness.

In commodities, Gold flat around $1580 as EUR/USD remains range-bound. In Oil, US Light Crude remains in week long uptrend having regained $92 after plumbing lows of $89.5. The price of Brent Crude still under pressure around the $109-112 range.

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

• UK                    Lloyds Employment Confidence         Improved
• Japan               Machine Tool Orders                          Weak, but less so
• Germany         Trade Balance                                     Worse
• Germany         Current Account                                  Better
• Germany         Imports                                                Better
• Germany         Exports                                                Better

See Live Macro calendar for all details

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

• Anite expects full-year profit in line with market expectations
• Salamander in exploration tie-up with Indonesia’s Saka
• Diageo eyes $90 mln annual savings in supply review