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

  UK 100 called slightly lower by 2pts at 6806, having gained just 20pts yesterday.

Still in the focal point are companies reporting with GKN (GKN.L) +6.8% and Next (NXT.L) +2.7% the best performers following stronger than expected trading statements.

St James’s Place (STJ.L) at one point was down 6% before recovering to finish down 2.4% as their update disappointed many and gave them an excuse to get rid of the stock. EasyJet (EZJ.L) claimed the wooden spoon once again as traders remained unconvinced following their update last week.

Banking stocks have the spotlight on them this morning following Barclay’s trading statement where they announced profits were down 7% and another £900M set aside for PPI again. This can cause movements in sector peers such as Lloyds and RBS.

Elsewhere other companies that have reported include ITV, Taylor Wimpey, BATS, Travis Perkins, Compass Group, and Tullow. To find out more on these please call in.

US markets had a choppy trading session testing the 17,000 level before ending lower 70pts at 16,920 as traders took some risk off with continued concerns in Gaza and as additional sanctions were placed on Russia.

Asian markets bucked the trend and were trading higher as they reacted to positive earnings reports from the region with the Hang Seng the standout at 24,842 up 0.83%.

In focus today we have Euro-Zone confidence data released at 10:00am, and German CPI released at 13:00pm expected to come in lower than last time. Later this afternoon we have the US ADP data at 13:15pm the pre-cursor to Non-Farms on Friday, and US GDP at 13:30pm. Finally to finish the evening we have the US rate decision at 19:00pm. This will be a volatile day for index and FX traders.

In commodities, gold traded towards its lowest levels this month continuing monthly declines as US consumer confidence came in significantly better than expected yesterday, with a low of $1296. WTI followed suit trading at $101.10 nearing two-week lows ahead of crude data released this afternoon.

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

• JP           Industrial Production                      WORSE
• JP            Westpac Consumer Sentiment  BETTER

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

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

• Tullow reports first-half loss on hefty exploration write-offs
• Pets at Home Q1 sales up 4.1 pct
• Moneysupermarket.com H1 revenue rises 9 pct, reaffirms outlook
• Compass Q3 organic revenue up 4 pct
• Travis Perkins H1 pretax profit up 19.4 pct
• Rio Tinto says agrees sale of coal assets in Mozambique
• Russia's Polymetal Q2 revenue down 3 pct y-on-y
• WS Atkins reaffirms outlook for full year results
• Greggs sees better FY after first half profit rise
• Rightmove says confident of meeting annual forecasts
• Ofgem unveils 17 bln stg for electricity network, bill reductions
• AstraZeneca boosts lung drug business with up to $2.1 bln Almirall deal
• National Express H1 pretax lower on weather impact, strike action
• 3i says new financial year has started well
• Antofagasta posts higher quarterly copper output
• Barclays profits down 7 pct as investment bank income sags
• British American Tobacco results hurt by forex
• Vedanta first-quarter core earnings rise marginally
• Taylor Wimpey home completions up 11 percent
• UK's Diploma 9-month revenue rises on continued demand
• Sausage-skin maker Devro says strong pound hits revenue