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

UK 100 called to open down 10pts at 6772pts, the five day winning streak for the index seemingly under threat.

The UK 100 Index gained 38pts yesterday. 79 of the UK 100 companies rose in value as traders found confidence following positive talks between Russia and Ukraine

Kingfisher (KGF.L) gained the most yesterday, up 3.74% as technical traders observed the share price move into 'wave A' according to Elliott Wave Theory, suggesting a bullish move toward 350p is afoot.

Barratt Developments (BDEV.L) advanced another 2.90% yesterday, the stock has risen 15% in the last ten days. Persimmon (PSN.L) proved the catalyst for the northerly move in house builder stocks as it chipped in with first half profits up 57% versus last year, shares increased by 1.12%.

Taylor Wimpey (TW..L) will have caught the attention of technical traders, the stock closed up 2.42% at 118.70p, the highest level since April 7th.

WATCH OUT - At 09:30 this morning the Bank of England will deliver its latest interest rate announcement and minutes from the last meeting. Will there be any talk of a rate increase? How will house builder stocks react?

EasyJet (EZJ.L) also continued its good run of form closing 2.61% higher at 1335p, the stock has gained over 10% in the last ten days.

NEWS - Watch airline stocks carefully this morning as reports emerge the Icelandic volcano that caused so much disruption in 2010 is stirring once again.

Imperial Tobacco (IMT.L) said it was on track for a modest full year profit which was better than the market had expected pushing shares higher by 2.34% to 2585p.

BHP Billiton (BLT.L) was the notable decliner of the session, falling the most since October 2011 to 1965p down 4.93%, after posting full-year profit that missed expectations.

U.S. stocks approached record highs last night. The S&P 500 gained almost 10pts to 1,981.60, within 0.3% of a record level as concerns over global crises give way to optimism that central banks will continue to accommodate a recovering economy.

The Fed will release the minutes of its last meeting tomorrow, before central bankers meet in Jackson Hole, Wyoming. Fed Chair Janet Yellen and European Central Bank President Mario Draghi will be among the speakers.

The NASDAQ enjoyed reaching a level not seen since March 2000 yesterday and the Dow Jones continued its push toward 17,000 with a gain of 80pts to close at 16,919.

Asian Markets slowed after valuations approached the highest levels this year. BHP Billiton's slump dragged on commodity shares.

Gold held below $1,300 an ounce after retreating for three days on signs that the U.S. recovery is gathering momentum

West Texas Intermediate swung between gains and losses amid speculation that crude and fuel inventories fell in the U.S. currently at $92.75. Brent was steady in London at $101.50.

The US dollar strengthened to a nine-month high versus the euro on speculation the Federal Reserve is moving toward raising interest rates.

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

• JP            Trade Balance                                    Worse
• AU          Westpac Leading Index                 Declined
• JP            All Industry Activity Index            In-Line

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

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

• Gem Diamonds core earnings jump 87 pct
• British Land sells 52 Poland Street to Amazon Property
• Hochschild Mining H1 adjusted core profit up 4 pct
• Clinigen buys AstraZeneca's oncology support drug Ethyol
• Antofagasta names Diego Hernandez as new CEO
• Exillon Energy says average output at 17,000 bpd in July
• Hikma first-half profit jumps on strong injectibles sales
• AFC Energy appoints Christopher Tawney as finance director
• Chariot Oil and Gas says farm-out agreed in Brazil with Azilat
• Glencore launches $1 billion share buyback, beats profit forecast
• Balfour Beatty rejects third Carillion offer
• Clarkson says James Hughes-Hallett to take over as chairman on Jan 1