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Stocks in London are anticipated to open lower on Thursday, with market focus sharply on the interest rate outlook in the U.S. this week.
Attention is drawn to the Jackson Hole symposium starting today in Wyoming, with anticipation for insights from Fed Chair Jerome Powell’s speech on Friday.
Futures indicate that the FTSE 100 will open down 11.8 points, or 0.1%, at 8,271.63 on Thursday. The index of London’s large-cap stocks closed up 10.11 points, or 0.1%, at 8,283.43 on Wednesday.
In the U.S., stocks rebounded on Wednesday after a decline on Tuesday, as the market absorbed revised nonfarm data and minutes from the July Federal Reserve meeting ahead of the Jackson Hole conference.
The Dow Jones Industrial Average ended 0.1% higher, the S&P 500 rose by 0.4%, and the Nasdaq Composite increased by 0.6% on Wednesday.
Minutes from the July Federal Open Market Committee meeting revealed that the majority of members thought easing policy at the next meeting would be suitable if data continued as expected. However, some officials were concerned about acting too late or insufficiently.
Jerome Powell’s address on Friday at the Jackson Hole conference is anticipated to provide further clarity on the Fed’s direction.
The annual event, hosted by the Federal Reserve Bank of Kansas City in Jackson Hole, Wyoming, brings together central bankers from around the globe.
Early Thursday, sterling was quoted at 1.3082 USD, up from 1.3020 USD at Wednesday’s close in London. The euro was trading at 1.1141 USD, compared to 1.1138 USD late Wednesday.
Against the yen, the dollar was quoted at 145.18 JPY, down from 145.35 JPY.
In Asia on Thursday, the Nikkei 225 index in Tokyo was up by 0.5%. The Shanghai Composite in China was down by 0.1%, while the Hang Seng index in Hong Kong rose by 0.7%. The S&P/ASX 200 in Sydney closed up by 0.3%.
Gold was quoted at 2,502.10 USD per ounce early Thursday, lower than 2,507.72 USD on Wednesday. Brent oil was trading at 76.04 USD per barrel early Thursday, down from 77.29 USD late Wednesday.
The London corporate calendar for Thursday includes a trading statement from JD Sports Fashion and full-year results from Hays.
On the economic front, Thursday’s schedule features flash composite PMI data from Germany, the Eurozone, the UK, and the U.S., along with the weekly initial jobless claims data from the U.S. at 13:30 BST.
