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

UK 100 set to open slightly lower by 10 points at 6560 following a positive start to the week whereby it finished in the blue by 40 points, helped by strong performers amongst the house builders and a relatively muted response from Western leaders regarding Crimea.

Asian markets extended gains as seen by European and US peers as concerns in Ukraine subsided. The Nikkei rebounded up 135 points to 14,411 from lowest levels in five weeks, as a weak yen also helped stocks gain. Both the Hang Seng and ASX both saw small gains up 0.4% and 0.5% respectively, as investor took advantage of weak prices to buy on dips ahead of the FOMC meeting.

The US markets finished in the blue as traders digested better than expected US Industrial production data and what appeared to be fairly soft sanctions imposed on Russia. The S&P500 bounced from its worst week in January to finish higher by 17.7 points at 1,858 to become positive for the year, helped by Yahoo +4% as details of the Alibaba IPO were released. The Dow Jones also finished higher by 181 points at 16,247 with every component in the blue.

Results today: J Sainsbury (SBRY.L) Total sales for Q4 down 1.5%, L-f-L sales down 3.8% “decling sales in a rough market” market is now going at the slowest rate since 2005. Growth in convenience stores remains strong at over 15%, online groceries growing at 6% Y-o-Y. ASOS (ASC.L) Total sales rose 26%, UK sales +21%, US sales + 41%, EU sales + 57%, RoW + 3%, retail margin down 30bps, to invest £68m in CAPEX this year. Confident of achieving £1bn of sales in FY 2013/14. Antofagasta (ANTO.L) FY Revenue $5.97bn down 11.4%, final dividend 86.1c/sh, EBITDA down 30.1% to $2,702.2m, net cash “slightly lower than expected” sees 2014 copper output at about 700,000 tns. IG Group (IGG.L) Q3 Revenue £96.7m up 9% Y-o-Y, on track to deliver FY revenue ahead of prior year. Resolution (RSL.L) New business up 5%, pretax profit £436m up 59%, to change its name to Friends Life, announces partnership with Schroders for them to manage £12.2bn, dividend unchanged.

In commodities, Gold retreated from a six-month high to $1361 on profit taking ahead of a Federal Reserve two-day meeting starting today. Further reduction to stimulus is expected.

Both US Light ($98) and Brent crude ($106) prices fell to a five-week low on concerns US and EU sanctions against Russia could disrupt supply.

In FX, all eyes will be on the US dollar over the next two days as to the outcome of the forthcoming Federal Reserve meeting. Stimulus tapering is likely whilst, with the jobless rate at 6.5%, the market will be looking for the criteria against which interest rate rises may be set.

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

• CHINA              Property Prices                       IN-LINE
• JAPAN              Foreign Direct Investment      IN-LINE
• JAPAN              Machine Tool Orders              IN-LINE

See Live Macro calendar for all details

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

• Exillon Energy full-year EBITDA rises
• UTV Media says full-year pretax profit 16.9 mln stg
• Berkeley expects to complete 30 percent more homes than the 2007 market peak
• Sainsbury’s 9-year run of sales growth ends
• Mecom signs new banking facilities totalling 140 mln euros
• ASOS Q2 retail sales up 26 pct, increases capex investment
• Rank says senior independent director Child quits
• Speedy Hire sees annual profit at 14.5 mln stg
• Resolution’s Cowdery will not stand for re-election
• Spirit Pub says continues to perform ahead of the market
• SDL expects to gain bookings, revenue and profit momentum in 2014
• Gem Diamonds FY underlying EBITDA rises
• Carillion JV wins 61 mln stg Dubai contract
• Antofagasta surprises with generous dividend but core profit falls
• Cairn reports 2013 loss after cost of unsuccessful drilling rises