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

UK 100 called to open flat at 7070 continuing in a shallow uptrend from 18 April Lows. Support still valid around 7050. Updated watch levels: Bullish 7200, bearish 6900.

The flat open comes as investors show their boredom with the Greek situation by sitting in the wings – drivers playing tug of war with relief that Greek/Russian relations have not developed significantly after a visit to the country by Gazprom Chief Alexey Miller, who was really trying to avoid a €10B fine from the EC for violation of competition regulations using Greece as a bargaining chip.

Meanwhile, Greek PM Tsipras is to meet with German Chancellor Angela Merkel in Brussels on Thursday in a bid to secure a statement of political support from Berlin as finances dwindle and talks continue to churn out the same rhetoric: Greeks confident on a deal and the Creditors not at all confident in Greece.

The ECB is ramping up the pressure on greek banks by restricting access to Emergency Loan Allowance funds (ELA). All the while, we wonder quite what anyone would be able to do if Greece were indeed to just walk away and default.

US stocks pulled back to close lower, with the exception of the NASDAQ which managed to hold firm on a healthy tech industry, helped by the likes of ARM Holdings which reported good figures on Tuesday. More US companies reporting this week.

Asian markets are mixed with the Nikkei topping 20,000 for the first time in 15 years on Wednesday. Japanese data came in positive with the fall in oil prices and a weak Yen contributing to its first monthly trade surplus in 3 years and a 3.3% rise in exports for March, with a 22% surge in those to the US.

In Australia, the RBA sat in the wings and held interest rates steady at its April meeting – in defiance of economists’ (and market) expectations. Many observers were expecting a further cut to bolster non-mining investment as the country tries to move away from its raw materials dependent economy.

US Light crude ($58) is trading sideways since 16 April but remains in an April uptrend. A dip this morning came after Saudi Arabia ended its bombing campaign in Yemen and a larger-than-expected rise in US stockpiles, but the commodity has since recovered. Brent trading at $62.

Gold ($1201) is still range bound around $1200. Conflicting drivers are keeping the yellow metal there for the time being – a rally could happen as the Chinese economy gets a boost from economic stimulus and Russia adds to its gold reserves while a surging US dollar and stock market strength weigh on safe haven demand.

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

• Aussie                   CPI                         Hit, Improved YoY; Beat, Improved QoQ     

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

• Property writedown drags Tesco to worst ever loss
• Hammerson signs £415mn revolving credit facility
• Rolls-Royce's CEO Rishton to retire, Warren East to succeed
• Sirius Minerals expects final DCO decision on in summer 2016
• Travis Perkins says trading in line with expectations
• Reed Elsevier trading in line, business trends unchanged
• BHP blinks as iron ore prices fall, delays output boost
• Hochschild Mining on track to achieve 2015 production target
• Connect Group says trading in line with FY expectations
• Punch Taverns on-track to meet FY profit and cash guidance
• Fenner swings to half-year loss
• Croda says 2015 has started in line with expectations
• British Land says Facebook extends presence at London site
• Elementis Q1 sales hurt by currency movements