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

UK 100 called to open up 20 pts higher at 6525 helped by M&A activity in London as well as a continued bull run on Asian indices. The UK 100 yesterday rallied over 100 points thanks to Vodafone’s continued rally as well as data showing UK manufacturing at a two and a half year high (a third successive quarter of positive growth). The yen weakening against the dollar and positive factory data helped pushed the Nikkei higher by almost 3% to 13,963 whilst the Hang Seng was up 250 points at 22,426.

US markets were closed yesterday for Labor Day but US futures are indicating for the Dow Jones to reopen around the 15,000 level.

In focus today will be UK PMI construction figures at 9:30am this morning (measure of activity in construction industry. Index compiled from opinions of executives in construction sector, asked to indicate views on future demand, current state of sector, including levels of purchasing). Also keep an eye on PPI figures from the Eurozone as well as ISM manufacturing data from the US later this afternoon.

UK 100 made some good ground yesterday to break above the one month downward trend, currently at 6,525. One week highs of 6,533 is the first resistance to the upside before 6,590 and 6,600 are the next key levels to look for.

In commodities, the price of gold has come to rest at $1390 halting a three-day decline as the situation in Syria looks to have cooled slightly.

Oil prices have reacted similarly to gold although investors should observe US lawmakers for any decision on a strike in Syria. Brent crude trading at $114, US Light at $107.

Copper traded at its highest level in three-months after Chinese manufacturing data beat expectations yesterday.

The Japanese Yen continues to decline as Shinzo Abe tinkers with monetary policy. The Aussie dollar hits a one-week high as Royal Bank of Australia omits easing-scope from latest address.

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

• CHINA      Non-manufacturing PMI     IN-LINE
• NZ            Commodity Prices              IN-LINE
• AUSSIE     Current account balance    WORSE
• AUSSIE     Retail Sales                         WORSE
• JAPAN      Labor Cash Earnings           WORSE

See Live Macro calendar for all details

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

• Goals Soccer Centres first half earnings down 4 pct
• Greene King underlying sales up 4.6 pct in last 18 weeks
• McBride profit falls after it winds down some contracts
• Genel Energy gains declaration of commerciality for Kurdistan gas field
• DS Smith says current year has started well
• Vodafone sells Verizon stake for $130bn
• Dechra FY underlying pretax profit from continuing ops 33.5 mln stg
• Kea Petroleum launches strategic review for Puka exploration
• Mwana Africa names Mark Wellesley-Wood non-exec chairman