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

The UK 100 is set to open up by 26pts at 6658pts going some way to putting the index on an even keel for the week after adding 45pts yesterday.

Tech firm ARM Holdings (ARM.L) led the way for UK equities with a 4.5% advance as technology stocks both sides of the pond rebounded. Kingfisher (KGF.L), whose retail brands include B&Q and Screwfix, appreciated 3.3% after UBS recommended their clients buy shares in Europe’s largest home-improvement retailer. The buoyant UK housing market led to impressive gains for house builder Barratt Developments (BDEV.L) up 3.9% and materials supplier Travis Perkins (TPK.L) up 3.5%.Tullow Oil (TLW.L) shares picked up by 3.7%. After a number of disappointing drilling updates in recent weeks the company finally had news to cheer from the Jubilee Oil Field in Ghana (Tullow holds a 35.5% stake) after Ghana National Petroleum Corporation upgraded output forecasts.

US Markets rallied after minutes from the latest Federal Reserve meeting suggested the timing of interest rate increases were more distant than first feared – ‘cheap money’ could be around for a while yet. The Dow Jones finished the session at 16,437, up 181pts. The S&P 500 closed higher by 1.1% or 20.22pts at 1,872. The NASDAQ posted the most notable gain of 1.72% up 71pts as technology stocks gained the most in two months.

Alcoa shares gained 3.8%, traders buying into the better-than-expected earnings update and company forecast that demand for aluminium will outpace supply this year.

Asian markets saw gains registered across the board come the close of a choppy session.

Disappointment from an unexpected fall in March exports from China was offset by the announcement China would roll out more policies to support growth and allow cross-border stock exchange trading with Hong Kong. Connectivity between the Shanghai Composite and Hang Seng will promote healthy development of the capital markets, improve access and liquidity.

The Hang Seng bulged 304pts, up 1.33% and the Shanghai Composite 36pts or 1.7%.

In commodities, gold continued to trade higher touching $1318 to remain at two-week highs following the release of the Fed minutes. Gold has now rallied almost 3% alone since the start of April. Copper also climbed for the first time in three days after the Fed eased concerns over the timeline for higher US interest rates. WTI’s push high continued as it traded at one-month highs as rising demand and a drop in inventories countered signs of a slowdown in China. Trading at $103.29, WTI has risen almost 4.5% since lows at the start of April.

Results today: Marks and Spencer (MKS.L) Group sales up 1.9%, sees FY gross margin in food to be slightly ahead, general merchandise gross margin to be down, International sales up 4.7%, cuts FY UK gross margin by 20bps. Vedanta (VED.L) FY record production of oil and gas up 6% to 218,651 boepd, mined metal production 880,000 tns, refined Zinc production falls 15% to 364,000 tns, iron ore sales 3.1m tns, awaiting supreme court decision on mining in Goa, working with authorities to resume operations in Australia. Hays (HAS.L) 3Q Net fees up 1%, sees FY operating profit to be top of range at £141m, Q3 like for like net fees up 8%, Asia pacific fees down 21%, EU/Rest of world fees up 6%, UK/Ireland fees up 14%, good start to 2H2 especially in UK and Germany. Ashmore Group (ASHM.L) Asset under management fell to $70.1bn, outflows of $6.2bn, in talks to sell stake in Saudi Company to Jadwa, sees more positive outlook than this time last year. Mothercare (MTC.L) Q4 UK sales down 0.3%, underlying profit in line with market expectations, worldwide network sales down 2.5%, international sales up 9.8%, sees UK staying competitive.

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

• CH       Aggregate Financing               IN-LINE
• CH       Money Supply                         IN-LINE
• CH       Foreign Reserves                    IN-LINE
• AU       Unemployment Rate               BETTER

See Live Macro calendar for all details

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

• Piramal Enterprises says to divest entire stake in Vodafone India Ltd
• Balfour says Parsons ruling lower than expected
• Stationer WH Smith confident as it raises dividend
• Ashmore sees net Q3 outflows of $6.2 bln
• Hays expects full year operating profit of around 141 mln stg
• Cairn Energy Deputy CEO, CFO to step down on May 15
• M&S’s non-food sales fall for 11th straight quarter
• Polar Capital assets up 2 pct in March quarter
• Vedanta says FY average gross oil and gas production up 6 pct
• PZ Cussons says FY results in line with management expectations
• Centrica’s British Gas pays out for switching errors
• Mothercare on track after UK improvement in fourth quarter