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

UK 100 called to open flat at 7052, still in a 2-month uptrend while failing to better April highs 7103 thus far. Falling highs and rising lows since the 14^th offer the potential for a break, up or down, in the coming days. Yesterday’s watch levels remain: Bullish 7100, bearish 6900.

The flat open comes as Greece remains the issue of the week with PM Tsipras and FM Varoufakis calming tensions by offering concessions this morning after saying they’d done enough yesterday. Meanwhile, deputy FM Mardas said the country is on the verge of bankruptcy (next week, maybe?) and unable to pay public sector wages.

US bourses closed in the green yesterday on further positive earnings reports supported by weak home sales data which will have buoyed stocks as markets bet on a delay in a Fed interest rate rise. Poor macro data also helped the fixed income markets as investors shifted funds into less risky assets. Oil prices gained on a reversal of Saudi Arabia’s announcement yesterday that it had stopped bombing in Yemen.

Asian markets are mixed with Chinese and Japanese stocks falling on weak data while other benchmarks in the region followed the US Nasdaq upwards. The Nikkei lost 0.7%, the Shanghai Composite Index fell 0.6%, Sydney's ASX gained 1.2% percent and Hong Kong's Hang Seng rose 0.4%.

In focus today we have German IFO data, a European business sentiment barometer, forecast to be better than last month, but given yesterday’s disappointing print expectations should be viewed with some caution. This afternoon sees US durable goods orders looking for a significant improvement.

Oil prices are trending sideways, failing to make new highs with rising lows leading US Light ($59) and Brent crude ($64) into similar bullish ascending triangle patterns indicating the possibility for positive breakouts supported by renewed Saudi bombing in Yemen.

Gold ($1192) not doing much as it sees out the week still trading either side of $1200 (despite poor macro data on both sides of the pond) with risk averse investors preferring to put their faith in low interest bearing bonds rather than the non interest bearing yellow metal

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

• Japan                    All Industry Activity Index            Beat consensus, but deteriorated

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

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

• Pearson sees EPS between 75p – 80p for full year
• BAE Systems embarks on review of Intelligence and Security businesses
• AstraZeneca holds 2015 guidance after Q1 core EPS of $1.08
• AstraZeneca hit by copycat Nexium and strong dollar in Q1
• Smiths Group launches €600mn bond offering
• Reckitt Benckiser reports higher sales, stands by FY target
• Great Portland Estates buys City JV stake for £61.4mn
• Valve systems maker Rotork warns of lower first-half results
• Ithaca Energy agrees to sell Norwegian business to MOL
• British government stake in Lloyds Banking Group falls below 21%
• Events organiser UBM maintains full – year outlook
• Petra Diamonds proposes $300mn notes issue, increase in debt facilities