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

UK 100 called to open +25pts, with Italy’s election deadlock and looming US budget sequester being brushed aside and the bullish close in Europe and US. Positive sentiment helped by accommodative testimonies from Bernanke and Draghi supporting risk appetite, coupled with solid macro data from the Europe and the US, and passed into Asian trading and the last day of the trading month. Japan’s Nikkei assisted by weaker JPY and new BoJ nominations seen helping with new PM’s Abe-nomics boost to the struggling nation’s growth.

Overnight data included UK GFK Consumer Confidence in-line and unchanged from last month but adding to the optimism was China’s MNI Business Sentiment Indicator which jumped more than 5pts and supported the theory that the world’s #2 economy had avoided a hard landing and was on a recovery trajectory, although the number was lower than the flash estimate. This morning, Japanese data mixed, supporting more stimulus calls but Swiss Q4 GDP better than expected.

In focus today will be German Unemployment which is seen unchanged from last month, while Eurozone Consumer Inflation is expected to be weak in January but stable at target 2.0% over last year. In the afternoon, the second estimate for US Q4 GDP seen revised higher after surprise contraction from preliminary reading, helped by slightly higher personal consumption. Weekly Jobless claims data seen pretty much flat. Chicago PMI anticipated to have given up ground in Feb.

UK 100 rallied hard yesterday helped by accommodative tones from Bernanke and Draghi, taking the index to our highlighted zone of resistance at 6370 and the trendline of falling highs since 20 Feb, maintaining the descending channel. This opens up the possibility of a return to support at 6300, should major macro data disappoint or political uncertainty worsens. Should news please, though, recent highs of 6415 are still feasible given the optimism presiding.

In FX, GBP/USD off lows after easy policy rhetoric from Bernanke, but still below prior major support at 1.52. Momentum looks to have ticked off lows. EUR/USD trading at yesterday’s highs with Bernanke’s testimony weakening USD and Draghi’s speech calming Eurozone some fears and helping EUR and sentiment. Bounce off support of 1.3, but still in downtrend and resistance likely at 1.32.

In Commodities, Gold fallen back to $1600 after bounce form $1550. Despite many negatives (Italy, US budget), strong appetite for risk could mean recent bounce was bearish flag pattern and yellow metal still has downside potential to 1525. In Oils, US Light Crude still trading with support at $92.5 although upside capped at $93.25. February downtrend slowed up. Brent Crude remains under pressure making new lows for the third consecutive day at $111.25.

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

• Aussie              New Home Sales                     Growth, but slower
• UK                    GFK Consumer Confidence     Unchanged, in-line
• Aussie              Capital Expenditure                Worse
• China               MNI Business Sentiment         Big jump
• Japan               Vehicle production                  Contraction, but less so
• Japan               Housing Starts                         Worse
• Japan               Construction Orders               Contraction, but less so
• Switz                GDP                                         Better
• See Live Macro calendar for all details

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

• Rio Tinto names ex-BHP executive as new CFO
• Man Group posts $278 mln pre-tax profit
• Man Group analyst under investigation in FSA insider dealing probe
• RBS says closer to UK government selling stake
• BP to shut UK CATS gas platform for maintenance in Aug., Sept.
• IAG swings to 68 mln euros full-year loss
• Kazakhmys earnings drop, names new chairman, CFO
• Kazakhmys names former LME boss Simon Heale as chairman
• Reed Elsevier 2012 results in line, sees growth in 2013
• Insurer Direct Line FY profit up 9.3 pct
• British American Tobacco year earnings rise despite volumes slide
• Kier first-half profit falls on weak construction business
• Kier total revenue for six months to 31 December 976 mln stg
• Jupiter reports 73.6 mln stg in pre-tax profit
• Colt Group 2012 profit falls
• St. James’s Place full year dividend up 33 pct
• Lavendon year profit up 26 pct
• Hays H1 net fees fall 4 pct, maintains dividend
• Xchanging organic revenue up 5.6 pct on stronger H2
• RPS Group pretax profit 40.2 mln stg versus 40.5 mln stg
• Howden Joinery profit rises in tough markets
• Capita returns to organic growth of 3 pct
• Severfield Rowen to raise 48 mln stg in rights issue
• Derwent London sees rents rising on TMT sector demand
• Genel sees 2013 output in 45,000 to 55,000 bopd range
• Spirent Communications full-year profit falls
• Petropavlovsk adds 2 mln ounces to resources in 2012
• African Mining says Kossanto drilling results positive
• Vitec says FY pretax profit up 10 pct