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

UK 100 called to open -2pts, following from a quiet trading session overnight in the US and in Asia. It looks as though the UK 100 will pause for breath this morning after reaching near 12-year highs of 6,750 yesterday. The US markets were a little subdued on uncertainty over Fed action, with the Dow Jones closing down 19 points at 15,335 whilst the S&P was down a point at 1,666. This was a rarity for the Dow, which has seen 61 days of gains in 96 days. There has only been one year in its history where the S&P 500 was more consistently positive!

In Asia, a similarly slow session saw the Hang Seng was down 0.45% at 23,385 whilst the Nikkei was down 0.03% at 15,356.

In focus today: will be results from Vodafone, Marks & Spencer, Burberry and Capita. Keep an eye on a raft of macro data due out at 9:30 am from the UK (PPI/CPI/RPI).

The UK 100 has pushed on from its week of consolidation 6670-6715 to test 6760 which it briefly touched after the markets closed yesterday (futures). Global appetite for equities remains strong amid the search for yield. We now look to 6,800 as a key level of resistance. If that is broken, then surely all-time highs on the UK Index are due?

In FX, GBP/USD now seems to have found some support at 1.52 as investors hold back ahead of minutes from the Fed Reserve’s last policy meeting due tomorrow. GBP/USD trading sideways on a weekly chart, currently at 1.525.

USD/JPY broke below 102.5 (currently at 102.33) as the Japanese currency was boosted by comments from Japan’s Economic Minister Akira Amari who said the yen’s correction has been ‘largely completed.’

Gold managed to hold off a seven session losing streak as traders look to pick up a bargain. Gold currently trading just below the $1400 level at $1394.

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

• AUSSIE             Conference Board Leading Index       IN-LINE
• NZ                    Credit Card Spending                          IN-LINE
• JAPAN              Industry Activity Index                        BETTER
• JAPAN              Supermarket Sales                              IN-LINE

See Live Macro calendar for all details

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

• Telecom Plus full-year profit rises
• Homeserve reports 17 pct fall in full-year profit
• Greencore sees FY EPS in line with expectations
• Big Yellow says full-year adjusted pretax profit at 25.5 mln stg
• Darty -group like-for-like Q4 revenue down 0.8 pct
• Capita raises 2013 organic growth forecast
• Vertu Motors to acquire Albert Farnell for 31 mln stg
• Marks & Spencer posts second straight fall in year profit
• Vodafone posts biggest fall in service revenue
• Invensys details cash return from rail unit sale
• Paragon H1 underlying pretax profit up 10 percent
• Burberry profit rises 14 percent
• Galliford Try wins contracts worth over 60 mln stg
• Smiths News wins contract extension with Telegraph Media Group
• British Land signs Amlin letting for London skyscraper
• G4S chief Buckles to step down