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

UK 100 Index called to open -15pts at 7010 having tested support at the psychological 7000 mark, remaining in a firm downtrend that began on Tuesday. Bulls will be hoping that the support at 7000 holds and for a bounce back towards 7060 and above, while Bears want a full breach of that 7000 barrier to spurn a retreat to 6960 and beyond. Watch levels: Bullish 7020, Bearish 6985

Calls for a negative open follow on from a negative performance from Asian markets, brought about by a sharp decline in Chinese exports and a falling oil price weighing heavily on the energy sector. The release of US Fed FOMC minutes will only have served to further cement expectations of a rate hike in December as members agreed that the decision was a ‘close call’, however concerns about the remaining level of slack in the job market eventually led to a hold. Even GBP weakening to its lowest ever level has done little to help the UK Index this morning, although strong Q3 earnings releases from UK 100 components Unilever and Sky may help to pare losses.

Overnight in Asia, markets both closed lower as a result of the poor Chinese Macro data, Australia’s ASX particularly affected as Japan’s Nikkei pared early gains to also finish lower.

Crude Oil prices have once again taken a tumble following American Petroleum Institute figures showing the first US crude oil inventory build in six weeks and the largest single increase for six months. Furthermore, fresh scepticism surrounding a future OPEC production freeze/cut deal emerged as reports of infighting from members (most notably Iraq and Venezuela) over who will bear the brunt of cuts come to the fore. Also in commodities, Gold makes gains overnight as the USD weakens,

In focus today, on a quiet day for both macro data and speeches, the US Import Price Index is expected to show an movement from negative to positive territory for September, although remaining negative for the year-on-year figure. Simultaneously released Initial Jobless and Continuing Claims will look to build on the case for a December interest rate hike for the Fed, before being rounded off by the DoE Weekly Oil Inventories. Will these figures too show a stock build after last night’s American Petroleum Institute figures showed the largest increase in inventories for six months?

Speeches today come from the EU President Jean-Claude Juncker and European Parliament leader Schulz at 2pm, before the Fed’s Harker speaks on economic outlook at 5:15pm.

For any help you may require placing trades or in terms of market information, put a call in to our trading floor – it’s all part of the service.

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

• ON says power grids are part of its strategy
• Wholesaler Booker Group says tobacco sales hurt by display ban
• Sports Direct CFO to follow CEO out the door
• Booker Group says H1 pretax profit +9%
• Ashtead Group sees H1 results in line with view
• Hargreaves Lansdown posts record assets, warns on outlook
• Sky meets forecasts with 5% Q1 revenue rise
• Tesco pulls Unilever goods from website over price row
• Unilever price rises help it beat third – quarter sales forecasts
• Enquest proposes about £82m placing as part of restructuring efforts
• ICAP buys Abide Financial to boost regulatory reporting business
• Kuwait Energy starts oil output at Faihaa – 2 well in Basra
• Glencore shipping arm charters VLCC to ship Asian gasoil
• London copper slips after weak China trade data
• Oil prices fall on higher OPEC output, rise in US crude stocks
• BHP to restore output at Australia's Olympic Dam copper mine after blackout
• UK house prices rise for second month in Sept, London weak