Before the open - 02/07

The Nikkei rose during last night’s trading, breaking the 14,000 barrier for the first time since 29 May 2013, and closing up 1.78 per cent at a high of 14,098.74 – its fourth consecutive day of gains.

Asian stocks were helped along by encouraging manufacturing data in Europe and the US yesterday, offsetting more disappointing results from China.

Source: Yahoo Finance

US markets were also up, with the S&P 500 rising 0.5 per cent and the Dow up 0.4 per cent.

Most analysts expect the FTSE and European markets to open slightly down, awaiting UK construction data (expected to rise from 50.8 in May to 51.1 in June), and Spanish unemployment (expected to fall for the fourth month running) data this morning.

Key events today:

0800: Spanish unemployment

0930: UK construction PMI

1000: Eurozone producer price index

1000: Speech by Bank of England deputy governor Paul Tucker

1430 Jeremy Hunt appears before the Health Committee in evidence session on the implementation of the Health and Social Care Act 2012

1500: US factory orders

1515 Energy secretary Ed Davey appears before the Energy and Climate Change Committee to review Department for Energy and Climate Change policy

2245: Speech by Fed board governor Jerome Powell