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

UK 100 called to open -10pts at 6790, having shed 42pts yesterday to close just above the psychological level of 6800pts.

Vodafone weighed on the UK 100 Index falling 5.5% to 205.30p after announcing profits will fall this year as a result of write downs in the value of European divisions, industry price wars and lower revenues - the company coming to terms with life after Verizon Wireless. One positive in the near term is the 7.47p final dividend, which at the current share price represents a 3.6% yield. The ex-dividend date is June 11th, clients holding a long CFD position come this date will receive payment on the day.

Retailers did their bit to ensure the UK 100 couldn't advance. Marks & Spencer (MKS.L) and Tesco (TSCO.L) falling 1.1% and 1.9% respectively.

Marks & Spencer reported a third consecutive year of declining profits while Tesco received a downgrade from 'Buy' to 'Hold' from Jefferies. Watch out for UK Retail Sales data due for release at 09:30 today.

Retailers were also grabbing the headlines for all the wrong reasons in the US dragging indices lower. The Dow Jones notching the heaviest decline down 137pts or 0.83%.

Shares in retailers Dick's Sporting Goods (-18%), Urban Outfitters (-8.8%), Staples (-13%) and TJX (-7.6%) plunged after missing analyst's earnings forecasts and helped the S&P 500 shed 0.65%.

Asian stocks endured a mixed session. The yen strengthened after the Bank of Japan refrained from extending monetary stimulus, sending the Nikkei and Topix into the red to the tune of 0.2%.

Australian consumer confidence fell to its lowest level since August 2011. The government detailed plans to cut spending and increase tax on high-income earners. The ASX 200 registered a flat session.

In commodities, gold continued to tread water just below the $1300 handle as holdings in the largest exchange-traded products shrank to the lowest levels since December 2008. Having rallied over 7.7% this year on rising tensions in Ukraine, all eyes will be focused on the minutes released by the Fed this evening. WTI continued to rise for the third day as data showed crude inventories slid in the US, trading at $103 a barrel. In FX, the Yen traded at its strongest level in more than three months ahead of the central bank releasing its report on its monetary policy. Meanwhile we saw the Aussie dollar hit a three-week low coming under pressure from weak iron ore prices and dovish comments from the RBA.

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

• AU       Westpac Consumer Conf Index          IN-LINE
• AU       Skilled Vacancies                                IN-LINE
• JP         BOJ 2014 Monetary Base Target       IN-LINE
• NZ        Credit Card Spending                          IN-LINE
• JP         Supermarket Sales                              IN-LINE

See Live Macro calendar for full details

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

• UK Mail's profit rises as Britons click and order
• Vectura Group revenue rises 20 pct
• Norway's Subsea 7 wins $460 million contract from Premier Oil
• Utility supplier Telecom Plus full-year pretax profit rises 25.3 pct
• DCC sees operating profit and adjusted eps about 10 pct ahead of prior year
• Burberry profit rises as new boss takes helm
• Carpetright names Wilf Walsh as new CEO, Harris to retire again
• Britvic steps up U.S. Fruit Shoot roll-out as profits rise