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

UK 100 called to open +30pts at 6619 setting new one-week highs as the UK Index continues to recover losses seen earlier in January.  A quiet day for macro data means all eyes will be on the speech from the new chair of the Fed, Janet Yellen at 3pm today. Following lower than expected Non-Farms on Friday will she deliver any surprises to the market? Elsewhere macro data is light on the cards again with US Wholesale Inventories expected to come in line with previous forecast of 0.5%.

Overnight in the US, markets were slightly ahead, continuing the week-long rallies seen in global equity markets. The Dow Jones edged up 8 points to 15,802 whilst the S&P 500 advanced 3 points to 1,800.

In Asia, a gauge of Asian stocks outside Japan rose, heading for its biggest advance since November, again in anticipation of Yellen’s delivery of her first testimony on monetary policy. The Hang Seng advanced 398 points at 21,977 whilst the Nikkei was up 255 points at 14,718.

Results today; Barclays (BARC.L) whose earnings have dropped by a quarter on last year to £5.2bn which is below analysts’ forecasts of £5.8bn. Glencore (GLEN.L) reported copper production increasing 21% while lead and zinc output saw reductions of 9 and 2% respectively. Bellway (BWY.L) reports housing revenue of £690m in H2 2013 having completed 3,245 new homes achieving operating margins in excess of 15% with an order book of 3,836 new homes valued at £783m. Thomas Cook (TCG.L) posts underlying operating loss of £56m in Q4 15 % on the previous year and will be selling “Gold Medal to Emirates Group for £45m.

The UK 100 has managed to break one-week highs overnight, continuing a solid upward trend since the 3^rd of Feb and more significantly, above the psychological 6,600 level. 6,650 becomes the next key level to the upside whilst support is now being formed at 6,590, 6,550 and 6,500.

In commodities, Gold rallied to highest levels since mid-November surging as high as $1287, with Chinese buyers back in full swing following their lengthy Lunar New Year holiday. With Gold up 6.4% year to date, following concerns with emerging markets the demand for this safe haven could continue. 200 day MA could prove a sticky point for gold but a breakout could see $1300 levels again.  WTI trades at 6 week highs around the $100 market with continued cold weather boosting demand.

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

• Aussie      Home Loans                        WORSE
• Aussie      Investment Lending            IN-LINE
• Aussie      House Price Index               BETTER

See Live Macro calendar for all details

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

• Glencore’s copper, coal output rise offsets decline in zinc, lead
• Johnson Matthey says Den Jones to take over as group finance director
• UNITE secures new 124 mln stg debt facility
• Bellway says order book jumps 73 percent
• Vodafone and Moneygram announce M-Pesa deal
• Heathrow passenger numbers up 3.8 percent on last year
• McBride says group finance director to leave
• Babcock reaffirms strong fiscal position for year ahead
• New Look says optimistic for the year ahead
• Barclays targets 3.5 pct leverage ratio, lifts bonuses
• Thomas Cook seasonal loss narrows, sells unit for 45 mln stg
• SEGRO JV buys European land portfolio for 472 mln euros
• Dunelm says HI pretax profit rises 2.9 pct to 61.6 mln stg
• Halma sees full-year adj pretax profit between 139 mln to 140 mln pounds