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

FTSE 100 called to open +30pts maintaining its bounce from late afternoon’s sharp decline after poor US employment data, ISM New York and Factory Orders, which soured already poor sentiment from the morning’s poor European PMI manufacturing data (especially Spain and Italy), and increased concerns that the US may not be steaming ahead quite as fast as some recent data has suggested and raised more questions regarding a soft-patch in what has been billed as a growth year.

Overnight, Asian markets still affected by holidays (Japan closed) and open markets just in the red on growth concerns following yesterday’s data. Macro data in the wee hours also failed to inspire with UK Business barometer, UK House prices and China Non-Manufacturing PMI all registering declines from the previous month.

Today is a big day in terms of the ECB updating on rates. While no change is expected, all eyes will be on the press conference for any changes in rhetoric on growth expectations notably after the poor recent run of data, and whether it will succumb to pressure to use bond buying to help troubled sovereigns keeps borrowing costs manageable, shielding the region from more pain, or even cut rates.

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

• UK                    Lloyds Business Barometer                 Decline
• China               Non-Manufacturing PMI                     Decline
• UK                    Nationwide House Prices                    Decline, Worse
• Results out from Randgold Resources (RRS), Antofagasta (ANTO), BG Group, (BG.) and Smith and Nephew (SN.) as well as Societe Generale and BMW on the continent.

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

• Insurer RSA boosted by emerging markets growth
• Insurer L&G says consumers saving less
• Cobham agrees raised bid for Thrane & Thrane
• BG Group to sell Comgas to Cosan for $1.8bln, profit up
• Morgan Sindall says on track to meet expectations
• Antofagasta says maintenance dents Q1 output
• Diageo emerging growth offsets European weakness
• Eurasia Drilling Q1 revenue rises 50 pct yr/yr
• Rexam says trading in line, sees 2012 progress
• Morrisons sales fall in tough market
• Premier Oil says North Sea Stingray well is dry hole
• Regus Q1 revenue up, eyes further investment
• Valiant Petroleum plugs Orchid Well
• Avocet Q1 production falls, pretax profit rises on high gold prices
• Smith & Nephew Q1 profit up 5 pct, guidance unchanged
• Randgold sticks to 2012 target despite Mali unrest
• Circle Oil updates on Egypt production

Morning Press Selection:

• King admits failing to ‘shout’ about risk – FT.com – Banks http://on.ft.com/Inie4y
• Squeeze on banks hits project finance – FT.com – Financial Services http://on.ft.com/IE4wyu
• Lex in depth: Facebook – FT.com – Analysis http://on.ft.com/JOht4A
• Our central bankers are intellectually bankrupt – FT.com – Opinion http://on.ft.com/ImMfA9