(Alliance News) - Stocks in London are set to open higher on Thursday, on what is likely to be a quieter day given that US financial markets will be closed for the Thanksgiving holiday.
IG says futures indicate the FTSE 100 to open up 12.7 points, 0.2%, at 7,482.21 on Thursday. The index of London large-caps closed down 12.48 points, 0.2%, at 7,469.51 on Wednesday.
As well as the day's flash PMI prints, investors will be digesting the latest fiscal event in the UK, as well as hints that further tax cuts could lie ahead.
Chancellor Jeremy Hunt used the autumn statement on Wednesday to announce a national insurance cut worth GBP10 billion. In interviews after the fiscal event, Hunt said taxes had risen to pay for Covid-19 pandemic support and government intervention to help the public through the spike in energy prices triggered by the war in Ukraine.
But the chancellor said the UK economy had since "turned a corner", a result he argued had provided him with the opportunity to "lighten the tax burden" with national insurance reductions and savings for businesses.
The senior Conservative told Sky News: "We have made a start. I don't pretend (and) I've never pretended that we were going to get there in one go.
Oil prices recovered slightly overnight, after falling as a key ministerial meeting of the Organization of the Petroleum Exporting Countries and its allies was pushed back from Sunday to November 30.
The Vienna-based organisation announced the postponement of the OPEC+ alliance gathering in a brief statement, without providing any explanation.
Brent oil was trading at USD80.98 a barrel early Thursday, higher than USD79.36 late Wednesday.
Sterling was quoted at USD1.2515 early Thursday, higher than USD1.2458 at the London equities close on Wednesday. The euro traded at USD1.0915, higher than USD1.0864. Against the yen, the dollar was quoted at JPY148.94, down versus JPY149.72.
In the US on Wednesday, Wall Street ended higher, with the Dow Jones Industrial Average up 0.5%, the S&P 500 up 0.4% and the Nasdaq Composite up 0.5%.
In Asia on Thursday, financial markets in Japan are closed for Labor Thanksgiving Day. In China, the Shanghai Composite was up 0.5%, while the Hang Seng index in Hong Kong was up 0.3%. The S&P/ASX 200 in Sydney closed down 0.6%.
Gold was quoted at USD1,996.08 an ounce early Thursday, slightly higher than USD1,993.04 on Wednesday.
In Thursday's UK corporate calendar, there is a trading statement from Intertek, as well as half year results from Jet2 and LondonMetric Property.
On the economic calendar, flash PMI releases come out for the EU, Germany and the UK, while the European Central Bank releases its latest meeting minutes.
By Elizabeth Winter, Alliance News deputy news editor
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