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

UK Index called to open +12pts at 6812 following a volatile trading sessions yesterday which saw the German DAX down over 100pts in the morning following weak European PMI data.

US markets had a breather with the S&P 500 falling for the first time in seven days, down 0.1% to 1962pts, despite positive Chinese PMI data. The Dow followed suit, negative by 10pts to finish at 16,937 as they failed to push on from record levels last week. With markets at all-time highs and US GDP data out tomorrow, some traders took the opportunity to bank profits.

Asian markets swung between small gains and losses, as continued tensions in Iraq hurt regional energy explorers. The Nikkei was slightly higher by 15pts to 15384, whilst the ASX bucked the trend lower hurt by commodity stocks. Meanwhile the Hang Seng higher by 75pts to 22880, helped by consumer and technology shares.

In focus today we have German IFO data out at 9am followed by US consumer Confidence and New Home Sales out at 3pm.

In commodities, gold continued to trade sideways between a range of $1310 - $1320, as investors weighed signs of US recover and demand for its safe haven appeal as geopolitical tensions escalate. Despite militants taking control of the Baiji refinery in northern Iraq, oil futures fell slightly with WTI down 92cents to $105.25, amid speculation that oil production in the south wouldn’t be disrupted. The dollar continued to extend declines, its longest since April as traders continue to digest Yellen’s comments and ahead of housing data today.

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

• AU          Weekly Consumer Confidence                  BETTER
• CH       Conference Board Leading Eco Index            BETTER

See Live Macro calendar for full details

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

• CSR says core revenue in line with forecasts
• 7digital wins music streaming contract for U.S. mobile operator ROK
• Imagination Tech says on track for continued progress
• Carpetright year profit halves
• Chemring Group H1 underlying profit falls 28.6 pct
• Chemring Group appoints Michael flowers as new chief executive
• Galliford Try agrees 100 mln stg Kent contract
• Land Securities sells The Bridges, Sunderland for 152 mln stg
• Croda warns on full-year profit
• Tate & Lyle names Nick Hampton new CFO
• Domino Printing posts H1 pretax profit of 25.9 mln stg
• Kenmare Resources chairman to retire due to ill health
• Tullow Oil says partner finds oil and gas in northern Kenya