UK 100 Index called to open +15pts at 6825 (ex-div -7pts), up off 6805 overnight lows and with rising support since the wee hours. An absence of overnight weakness as far south as 3-week rising support at 6790 maintains the current uptrend. Bulls will want to see a break above 6830 to open the door for another go at yesterday’s 6880 highs. Bears will be looking for a breach of overnight rising lows at 6815, if not 3-week support at 6790. Watch levels: Bullish 6830, Bearish 6810.

A positive opening call, albeit tepid, comes after a positive US holiday close ahead of Thanksgiving and thanks to a largely positive session in Asia overnight. Nonetheless, with such a big chunk of the global market out of action today, caution is anticipated  and we have seen signs of this in late Asian trading, especially with the US dollar rallying to 14yr high in the wake of solid stateside data and Fed minutes suggesting the case for a US rate rise had strengthened, echoing Chair Yellen’s recent testimony.

Japan’s Nikkei, back from its own Thanksgiving holiday, is outperforming on account of US Dollar strength sending the Yen even lower to the glee of its many exporters, helping the index extend its recent breakout. Australia’s ASX is break even having given up earlier gains and despite fresh strength in metals prices, Oil remaining buoyant and Chinese equities posting gains.

Yet another record tumbled for the Dow Jones as US equity markets closed before Thanksgiving Holiday. The index extended its run of all-time high closes alongside its counterpart S&P 500, both indices helped by the continued rally of Industrial and Financial stocks after Donald Trump’s election win on expectations of increased infrastructure spending and reduction of banking red tape. The Tech-focused Nasdaq underperformed, however, as the sector still under pressure post-election on concerns of the impact of Trump’s trade policies on labour/component supply.

Crude Oil prices around $48/49 per barrel are trading sideways at having avoided a breakdown of support thanks to a larger than expected drawdown in official US crude oil inventories yesterday afternoon. A declaration by the Iraqi PM that the country is willing to reduce production could pave the way for a harmonised OPEC production cut deal next week, however non-OPEC producer Russia remains hesitant to cut its own output.

Gold continues to trade below $1200 having broken below from 9-month support yesterday as the US Dollar hit a 14 year high. Currently trading in a $1180-$1195 trading channel, might a bearish pennant pattern spell further to fall for the precious metal?

In focus today while the US takes a break for Thanksgiving will be Spanish GDP around the European open. Q3 growth is expected confirmed at 0.7% QoQ/3.2% YoY, a continued slowing from 0.8% QoQ over the past 3 quarters and 3.4% YoY in Q2 down from the 3.6% YoY peak in Q4.

Following in-line German GDP data showing slower growth in Q3, any deviation from a flat consensus estimate for IFO Business Surveys could sway the DAX Index in terms of sentiment towards the Eurozone’s engine room. The latest data on UK BBA Home Loans is a barometer for the nation’s beloved property and thus consumer confidence so could see UK Housebuilder shares move again.

This afternoon, following hot on the heels of both GDP and IFO data, German GFK Consumer Confidence is forecast flat in December. Thereafter, France reports updated payrolls data after the European close and Japan Consumer Price Inflation before the dawn of the new day.

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

• Mothercare says underlying pretax profit at £5.9m vs £7m yr ago
• Marston's says FY underlying pretax profit up 7%
• Pets At Home posts 9.1% rise in revenue
• Dee Valley backs Severn Trent's increased takeover offer
• Countrywide sees 2016 EBITDA at lower end of market expectations
• Euromoney trading in line despite tough conditions
• Gatwick airport HY passenger numbers rise 6.3%
• Domino's Pizza raises UK target to 1,600 stores
• Chesnara to buy L&G's Dutch arm for 160 million euros
• HSS Hire see full – year earnings below expectations
• Rio Tinto CEO didn't see coal price going up, but expects it to fall
• Quantum Foods full – year HEPS falls 48%
• Metals rally on reflation trade, London copper eyes $6,000
• Oil prices static on uncertainty over planned production cut