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

UK 100 called to open down 16pts at 6780, having rallied 67pts (1%) yesterday.

The UK 100 Index pushed through the 6800 level for the first time in two weeks. A combination of corporate earnings, economic data and easing geopolitical tension, provided traders with the confidence to hit the 'buy' button.

ARM Holdings (ARM.L) finished the day as top performer, up 5.70%, after delivering a trading statement that showed revenue and profit had increased more than analysts had expected.

House builders Persimmon (PSN.L) and Barratt Developments (BDEV.L) secured podium places with advances of 4.49% and 4.04%, traders inspired by better-than-expected homes sales data released in the U.S.

Be aware there could be some 'risk-off' attitude toward house builders first thing this morning as traders await Bank of England minutes released at 09:30. It is also worth noting BoE Governor Mark Carney will be speaking at 12:45.

EasyJet (EZJ.L) and International Consolidated Airlines (IAG.L) soared into the top ten performers, shares ascended 3.87% and 3.16%. Recent broker comments have encouraged traders to buy shares ahead of trading updates scheduled for tomorrow (EZJ.L) and 1st August (IAG.L). According to City analysts the average target price for EasyJet is 1747p (25% higher) and for IAG 474p (42% higher).

Mining stocks such as Anglo American (AAL.L), Glencore Xstrata (GLEN.L) and BHP Billiton (BLT.L) enjoyed gains of between 2% and 3.5%. According to Bloomberg Chinese PMI data due out this evening, is likely to show manufacturing expanded at the fastest rate since March 2013.

Only 12 of the UK 100 companies declined, Tesco the heaviest faller as the profit warning issued yesterday started to sink in. Traders checked out of the stock in pursuit of better performers resulting in a 3.91% decline taking the stock to a 10-year low.

 U.S. stocks joined the party. Inflation data damped concerns interest-rate increases will be brought forward prompting the Dow Jones to close higher by 62pts at 17,113 (within 50pts of the highest level) whilst the S&P500 recorded another all-time record level at 1986.24pts.

Asian stocks extended a six-year high, the MSCI Asia Pacific Index reached 148.47pts thanks to European and U.S. trading.

In focus today we have BoE minutes released at 9:30am, followed by Euro-Zone consumer Confidence at 15:00pm. Looking over to the US with Q2 results still coming through, we have in the morning Boeing, Dow Chemicals, Freeport-McMoran with heavyweights AT &T and Facebook after hours.

In commodities, Gold drifted lower again to $1307 as the USD strengthened and boosted demand for equities. As US home sales came to an eight-month high, this in turn sent the dollar to an eight-month high against the euro, which reduced the appeal of the safe haven metal. WTI fell back to $101.80 a barrel after an industry report showed gasoline supplies continued to expand in the US, the world’s biggest oil consumer.

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

• AU          CPI                         In-Line

See Live Macro Calendar for full data line-up, incl. consensus expectations

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

• Centrica drills dry well in Norwegian North Sea
• Johnson Matthey reports flat Q1 sales, fall in profit
• Renishaw says FY revenue rises 2 pct
• Flybe says Q1 in line with internal expectations
• TalkTalk adds 185,000 TV customers in Q1, revenue up 3.1 pct
• Capita posts 11 percent rise in H1 organic revenue
• Morgan Advanced Materials H1 rev down 8 pct
• Bill payment services provider PayPoint's Q1 revenue rises 4 pct
• Brewin Dolphin managed assets up 2 pct in June quarter