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

UK 100 called to open -20pts despite another quiet session in Asia as waiting continues for what is to be decided on Cyprus after the ECB gave the island nation until Monday to arrange a bailout before emergency lending is cut to the banks and the real possibility of a default. Negative calls derived from finance minister Sarris leaving Russia without a deal.

Much hope had been pinned on Russia offering a life-line, and parliament has postponed a debate on legislation to create a solidarity fund and impose capital controls (‘we need more time’) to help make up the €5.8bn of funds needs to accompany the €10bn offered by the Troika. Banks still closed until Tuesday, so it looks like another bailout weekend folks.

Latest proposals (Plan B) are for a restructuring of the major banks, with a  potential good bank/bad bank split and depositors to still take a hit, but only those with sums >€100K, which is still unlikely palatable.

Japan underperforming after new BoJ governor failed to announce anything special in terms of easing at yesterday’s press conference, although the wait may not be for much longer as the scheduled policy meeting of early April is just round the corner. Australia a new source of political uncertainty after several resignations .

US markets hampered by Eurozone woes and unmoved by another slight improvement in jobs data and solid readings for Existing Home Sales, PMI Manufacturing and Leading Indicators.

Overnight data saw Chinese Business Sentiment deteriorate in March undoing some of the good from yesterday’s better PMI manufacturing and adds to the weight of the poor PMI data from the Eurozone.

In focus today, we have German IFO Business Surveys as the main event in a thin macro calendar, with very minor improvements expected, although the better than expected ZEW Surveys earlier in the week may have some expecting more. Note also we have the start of conditional trading in insurer Esure with its IPO priced near the top end of the proposed range.

UK 100 down near lower of March trading range. Cyprus still dominant issue, meaning potential still there for a big move either way should we see worsening or resolution.

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

• China               MNI Flash Business Sentiment           Deteriorated

See Live Macro calendar for all details

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

• Songbird Estates – Adjusted NAV p/share up 10.5% to 210P
• Moss Bros confident on meeting year expectations in 2013/2014
• Insurer Phoenix 2012 profit down 5.6 pct
• Homeserve says on track to meet 2013 expectations
• Esure prices London IPO at 290 pence per share
• British Land agrees terms for new HQ in Mayfair
• BP to return $8 billion to shareholders from TNK-BP sale
• 888 gets Nevada licence
• Mulberry warns on year profit