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

UK Index called to open +7pts at 6770 following a flat trading session on Friday with the UK Index finish higher by 0.3% and the DAX by 0.1%. This weekend ECB member Mersch said he expects interest rates to remain low through the end of 2016.

US markets finished slightly higher with the Dow up 5pts to 16,851 and despite the S&P 500 higher by 4pts at 1,960 it still ended the week down as DuPont cut earnings forecast and commodity shares led losses. So far the S&P has advanced 4.5% this quarter, its sixth gain for the longest winning streak since 1998. Over the weekend Fed’s Bullard said he expects the economy will grow at around 3% for the rest on the year.

Asian shares swung between gains and losses as Japan’s Industrial Production came in lower than expected, +0.5% MoM and +0.8% YoY. The Nikkei however disregarded this, and was higher by 70pts to 15,162. Australia’s ASX meanwhile was lower by 0.5% as New Home Sales fell for the first time in 5 months declining by 4.3% from +2.9% in April.

In focus today we have Euro-Zone CPI put at 10:00am expected in-line with previous month. Later in the afternoon we have US Pending home sales at 15:00pm.

In commodities, gold was on course for a second quarterly increase, trading at $1316 and silver extended a drop from is highest levels since March. Gold rose for the fourth week and is now higher by 9.6% this year. Copper headed for its steepest rally in three quarters ahead of data tomorrow that may show industrial output sustained expansion in China, the biggest user. Meanwhile WTI and Brent crude fell amid speculation that continuing violence in Iraq won’t disrupt supply from OPEC’s second-largest oil producer.

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

• JP           Industrial Production      WORSE
• JP           Housing Starts                   WORSE
• JP           Construction Orders       WORSE

See Live Macro calendar for full details

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

• Abcam says Mike Redmond to step down as chairman
• Sports Direct says not considering offer to buy Office
• BAE Systems says to work more closely with Saudi partner
• McBride says to cut 400 jobs; sees FY profit in line with expectations
• Shire gets $248 mln tax refund from Canada, more to come
• Merlin entertainments to open Legoland theme park in Japan
• Premier Oil sells UK North Sea stakes to Hungary's MOL
• Lamprell sees full-year earnings ahead of forecasts