European Shares Poised For Steady Open Ahead Of BoE Meeting

RTTNews | 616 days ago
European Shares Poised For Steady Open Ahead Of BoE Meeting

(RTTNews) - European stocks are likely to open higher on Thursday as focus shifts to the Bank of England's policy meeting later in the day and Friday's U.S. employment report.

The Bank of England is likely to keep its interest rate on hold for a second consecutive meeting as data continues to show moderating price pressures and weakening economic activity.

Across the Atlantic, trading later in the day may be impacted by reaction to reports on initial jobless claims, labor productivity and factory orders ahead of the all-important jobs report for October due on Friday.

Forecasts for the jobs report reveal a slowdown in hiring and wage growth in the month.

Asian markets rallied on expectations that the U.S. central bank may now be finished with the most aggressive tightening cycle in four decades.

The dollar tracked Treasury yields lower, helping gold prices lift higher in Asian trade.

Oil prices rose more than 1 percent, rebounding from a one-month low hit the previous day amid signs that Israeli ground forces are expanding operations in the Gaza Strip.

The Pentagon has announced that an additional 300 U.S. troops will deploy to the U.S. Central Command area of operations as war rages in the Middle East.

U.S. stocks rallied overnight as comments from Fed Chair Jerome Powell suggested that rate hikes were done.

Weaker than expected ADP employment and manufacturing data also eased concerns about the outlook for interest rates.

The Dow rose 0.7 percent to close higher for the third consecutive session as the Fed skipped a rate hike for the third time this year.

The S&P 500 rallied 1.1 percent and the tech-heavy Nasdaq Composite jumped 1.6 percent.

European stocks extended gains for a third day running on Wednesday after data showed euro zone inflation fell to a two-year low of 2.9 percent in October and the euro area economy shrank slightly in the third quarter.

The pan European STOXX 600 advanced 0.7 percent. The German DAX gained 0.8 percent, France's CAC 40 inched up 0.7 percent and the U.K.'s FTSE 100 edged up 0.3 percent.

read more
U.S. Weekly Jobless Claims Unexpectedly Edge Lower

U.S. Weekly Jobless Claims Unexpectedly Edge Lower

First-time claims for U.S. unemployment benefits unexpectedly edged modestly lower in the week ended July 5th, according to a report released by the Labor Department on Thursday.
RTTNews | 37 minutes ago
Bay Street Seen Opening On Mixed Note

Bay Street Seen Opening On Mixed Note

Canadian shares may open on a slightly mixed note on Thursday tracking the trend in the commodity markets, and somewhat firm European stocks. The focus, once again, will be on trade negotiations between the U.S. and several other major nations.
RTTNews | 40 minutes ago
FTSE 100 Rises To Record High As Mining Stocks Rally

FTSE 100 Rises To Record High As Mining Stocks Rally

The UK stock market climbed to a new record high Thursday morning, lifted by strong gains in the mining sector. The undertone in major European markets is quite firm today amid optimism about a potential trade deal between the U.S. and the European Union.
RTTNews | 1h 49min ago
CAC 40 Moderately Higher On Trade Deal Hopes

CAC 40 Moderately Higher On Trade Deal Hopes

French stocks are gaining some ground in positive territory on Thursday amid rising hopes the European Union will strike a trade deal with the U.S. sometime soon.
RTTNews | 2h 23min ago
DAX Modestly Up After Hitting Fresh Record High

DAX Modestly Up After Hitting Fresh Record High

German stocks are up in positive territory on Thursday, extending gains from the previous three sessions, as investors continue to focus on US-EU trade negotiations. Data showing a drop in Germany's consumer price inflation in the month of June is aiding sentiment.
RTTNews | 2h 44min ago
Commodity Currencies Rise Amid Renewed Tariff Concerns; USD Slide

Commodity Currencies Rise Amid Renewed Tariff Concerns; USD Slide

The commodity currencies such as Australia, the New Zealand and the Canadian dollars strengthened against their major counterparts in the early European session on Thursday, as traders are optimistic about an end to the tariff uncertainty after U.S. President Donald Trump made it clear that he will not extend the August 1 deadline for trade deals, though he gets aggressive with tariff imposition. They are also optimistic about a potential trade deal between the U.S. and the European Union.
RTTNews | 3h 38min ago
European Shares Extend Gains On Trade Deal Optimism

European Shares Extend Gains On Trade Deal Optimism

European stocks rose for a fourth consecutive session on Thursday as optimism prevailed about a potential trade deal between the U.S. and the European Union. EU trade chief Maros Sefcovic said there was good progress on a framework trade agreement and a deal may even be possible within days.
RTTNews | 4h 12min ago