Gemfields Grou. Share News (GEM)

UK stocks were making gains on Monday morning, rebounding after a steep sell-off on Friday, as investors showed optimism ahead of the new US earnings season which kicks off later this evening.Stock futures on Wall Street are pointing to a positive start when the opening bell rings in a few hours' time, as markets await the first-quarter earnings report from aluminium heavyweight Alcoa. Bellwethers JPMorgan Chase & Co and Wells Fargo & Co will also be reporting last this week."The recent decline across European markets provides investors with an excuse to hunt for some bargains, driving prices higher but sentiment remains fragile still," said Market Strategist Ishaq Siddiqi from ETX Capital.American non-farm payrolls increased by just 88,000 in March, the lowest rise in nine months, according to the Labor Department last week. With the figure coming in well below the 190,000 consensus estimate, the FTSE 100 lost around 1.5% of its value on Friday.Despite the initial disappointment, the lacklustre jobs report has now eased fears that the Federal Reserve would look to scale back its quantitative easing programme this summer. A number of Fed officials are scheduled to speak over this week - including Chairman Ben Bernanke this evening - so any remarks on stimulus measures will likely be under close scrutiny.However, the early rebound on European stock markets this morning was tempered slightly by a worsening measure of investor sentiment in the Eurozone. The Sentix economic index fell from -10.6 to -17.3 in April, below the -12.8 estimate, as the inconclusive elections in Italy and Cyprus bailout hit optimism across the single-currency region.In contrast, industrial production data from Germany came in above forecasts, improving by 0.5% month-on-month in February, ahead of the 0.3% increase expected.Focus turns to PortugalPortugal was dominating the headlines this morning after the government's austerity programme received a severe blow this weekend. The Constitutional Court has ruled against proposed budget measures, which include cuts to extra summer payments in pensions and public wages.After the court rejection, Prime Minister Pedro Passos Coelho promised to adjust for the measures blocked by reducing spending on healthcare, education, social security and state-run companies. The vetoed measures mean Portugal need to come up with €1.3bn in new cuts. Analyst Antonio Garcia Pascual from Barclays Research said this morning: "While an unfavourable ruling had been expected due to the Court's track record in 2012, it was the broad range of measures overturned that has created an unexpectedly large hole in 2013 fiscal budget."He said that the recent fiscal blow is likely to delay Portugal regaining full market access in 2013, and negative growth, rising unemployment and delayed fiscal target could push the country to request further aid in 2014.Polymetal keeps a lid on costs in 2012Precious metals giant Polymetal was a high riser early on after managing to hold back on costs in 2012 despite a strong rise in production. The company also raised its payout ratio to shareholders last year as it reported a 47% jump in adjusted EBITDA.Premier Oil was also making gains after saying that an exploration well on the Luno II prospect in PL 359 (30% owned) had found a "potential significant discovery".Travel stocks were rebounding this morning after their heavy falls on Friday when reports of a new bird-flu virus in China hit share prices. TUI Travel, easyJet and IAG were among the better performers today after Citigroup said that the "over-reaction" to the news "seems somewhat illogical" and presents buying opportunities across the sector.Communications technology group Spirent was hit by a UBS downgrade from 'buy' to 'neutral', after the broker said that the recovery is "likely to take longer than previously anticipated".AIM-listed gemstone miner Gemfields sank after the Zambian government said that it could impose restrictions on selling stones outside of the country.FTSE 100 - RisersPolymetal International (POLY) 884.00p +5.49%TUI Travel (TT.) 306.20p +2.55%WPP (WPP) 1,048.00p +2.34%Tullow Oil (TLW) 1,181.00p +2.34%Reed Elsevier (REL) 758.00p +2.29%Aberdeen Asset Management (ADN) 405.90p +2.22%easyJet (EZJ) 1,049.00p +2.14%International Consolidated Airlines Group SA (CDI) (IAG) 239.40p +1.92%Weir Group (WEIR) 2,226.00p +1.92%ITV (ITV) 123.20p +1.82%FTSE 100 - FallersFresnillo (FRES) 1,294.00p -1.15%Resolution Ltd. (RSL) 263.50p -0.90%Standard Chartered (STAN) 1,650.00p -0.84%Marks & Spencer Group (MKS) 374.20p -0.69%Lloyds Banking Group (LLOY) 46.74p -0.57%Experian (EXPN) 1,141.00p -0.52%BP (BP.) 444.85p -0.50%Prudential (PRU) 1,027.00p -0.48%Royal Bank of Scotland Group (RBS) 268.20p -0.48%Capita (CPI) 871.50p -0.46%FTSE 250 - RisersAfren (AFR) 134.70p +5.81%Premier Oil (PMO) 383.00p +5.57%Homeserve (HSV) 193.10p +4.04%Imagination Technologies Group (IMG) 455.60p +3.45%Thomas Cook Group (TCG) 109.20p +3.21%National Express Group (NEX) 197.90p +3.02%Hays (HAS) 94.95p +2.87%African Barrick Gold (ABG) 195.60p +2.84%Supergroup (SGP) 655.00p +2.83%Capital & Counties Properties (CAPC) 274.20p +2.74%FTSE 250 - FallersSDL (SDL) 387.30p -4.13%Spirent Communications (SPT) 136.50p -3.33%Anite (AIE) 117.20p -2.58%Greggs (GRG) 465.50p -1.94%Pace (PIC) 226.60p -1.78%Wetherspoon (J.D.) (JDW) 530.00p -1.76%Tullett Prebon (TLPR) 247.40p -1.67%Barr (A.G.) (BAG) 538.00p -1.65%BH Global Ltd. USD Shares (BHGU) 11.81 -1.50%Bank of Georgia Holdings (BGEO) 1,590.00p -1.43%BC