City sources predict the FTSE 100 will open up marginally higher from Friday's close of 6,328, with a gain of just three points expected.

The coming week will see the flow of data or events on the macroeconomic front pick up, with the ´tempo´ building as the days pass, culminating with the Italian and Cypriot (second round) elections next weekend.

As such, Monday is expected to be particularly quiet, with US markets closed in observance of the Presidents´ Day holiday Stateside and investors left with just the results of the G-20 meeting and the first round of the Cypriot Presidential elections to react to, while Asian traders will be heading back to their desks after a week of celebrations.

In the US, the three main indices on Friday posted marginal gains, rising by an average of 12 percentage points each with the Nasdaq Comp the biggest winner, advancing 21 percentage points over the course of the day.

On today's agenda is the EU current account reading, and the EU balance of payments announcement.

In UK company news, BAE Systems, a defence, aerospace and security company, has unveiled a five-year partnership with mobile communications giant Vodafone Group, under which it will provide businesses with a range of advanced communications security products and services, initially focused on smartphones and tablets. The move will grow BAE's cyber and security arm, BAE Systems Detica. The company also said that it plans to select Vodafone as its preferred supplier of mobile communications worldwide, excluding the US.

Phoenix Group, the UK consolidator of closed-life assurance funds, has received valid acceptances for 31.5m open offer shares from shareholders entitled to participate in the open offer. The announcement comes 19 days after the company announced details of a capital raising, comprising firm equity placings and an open offer to raise aggregate gross proceeds of £25m through the issuance of 50m Phoenix new ordinary shares at 500p per share.

Micro Focus confirmed one of its subsidiaries has acquired Orbix, Orbacus and Artix software product lines from Progress Software Corporation. The $15m deal was made using cash from Micro Focus' existing banking facility, it said in a statement. The contract was delayed almost a month as the group awaited contractual consents.

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Vodafone Group (VOD) share price
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Phoenix Group Holdings (DI) (PHNX) share price