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

UK 100 called to open up 10pts at 6683, after the yet another day of losses in London.

78 of UK 100 companies fell as the index registered its fourth consecutive day of losses - will today be any different?

Yesterday's session got off to a stuttering start as minutes from the latest U.S. Federal Reserve meeting detailed the intention to withdraw quantitative easing in October. How will the world's largest economy fare once off of life support traders asked?

Portugal's second-largest lender, Banco Espirito Santo, then rocked European markets. Its stock value fell 17% before the bank suspended trading in its own shares. The parent company of the bank reportedly unable to make some short-term debt payments, reminded traders of dark banking crisis days gone by.

Inevitably the UK listed banks took a bath. Barclays (BARC.L) briefly traded at 201p before closing down 1.65% at 208p. Royal Bank of Scotland (RBS.L) down 0.41%. Lloyds Banking Group (LLOY.L) fell to a low of 71.72p before surging to close at 73.11p, up on the day by 0.29% - a doff of the cap to the Accendo Markets Research Team for issuing a short sell note on LLOY at 80p a couple of weeks back - 10% return for the brave!

EARNINGS WATCH - Keep your eyes peeled for the Wells Fargo trading update, due to be delivered at 1pm GMT. The first U.S. bank to report, traders of bank shares will scrutinise the numbers.

Shares in the London Stock Exchange (LSE.L) fell 3% as Qatar Holding instructed the sale of 4.83% of its 15% stake.

Among the better performers was Burberry (BRBY.L) up 3.17% after issuing a trading statement that impressed the City.

Randgold Resources (RRS.L) and Fresnillo (FRES.L) jumped as much as 2.75% on the back of gold hitting a high $1349.

J Sainsbury (SBRY.L) added 1.84% as traders speculated the Qatar Holding cash raised from the LSE stake sale could find its way into SBRY - the sovereign wealth fund already holds 25.99% of shares.

Traders in the U.S. exercised a 'risk-off' approach faced with the prospect of an economy without stimulus and the potential of a European banking crisis.

The Dow Jones fell 70pts to 16,915. The S&P 500 and NASDAQ also declined by 0.5%.

 Asian stocks endured a mixed session, shallow gains or losses of less than 0.4% were recorded as traders pondered their next move.

In commodities, as the equity rout continued gold rallied to $1345, highest levels since March 19^th and on course for a sixth weekly gain. Trading at four-month as concerns emerge on the European economy and rising tensions in the Middle East, will this help push the safe haven back to highs of $1390? Silver followed suit climbing as high as $21.52, highest levels in March and also on its longest run since April 2011. WTI remained out of favour trading at $102.80 a barrel, heading for a third weekly drop as Libyan output resumed and stockpiles increased in the US.

In FX the dollar headed for its biggest weekly decline versus the yen since April before Fed’s Yellen testifies to lawmakers next week and as traders trimmed bets the central bank will raise interest rates.

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

• AU          Home Loans       BETTER

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

• Moneysupermarket.com sees H1 revenues of 122 mln stg
• Dragon Oil says on track for 2015 milestone target
• Faroe Petroleum says operator made oil discovery on Bue prospect
• Imperial in talks to buy assets from Reynolds and Lorillard
• SSE receives approval for Scottish subsea link