Global stocks search for direction
LONDON — European stocks are set for a cautiously higher open on Thursday as investors search for direction, monitoring global economic data.
Britain’s FTSE 100 is seen around 20 points higher at 7,036, Germany’s DAX is expected to add around 32 points to 15,658 and France’s CAC 40 is set to climb around 22 points to 6,606, according to IG data.
Markets in Europe are receiving a weak handover from Asia-Pacific, where Hong Kong’s Hang Seng index led the declines among major indexes as casino shares plummeted amid regulatory worries.
Stateside, stock futures were fractionally lower in early premarket trade on Thursday after a rebound on Wall Street as the market tried to avert the seasonally weak September.
U.S. jobless claims data is set to be released on Thursday, with economists polled by Dow Jones expecting a total of 320,000 Americans filed for unemployment insurance in the week ended Sept. 11.
Investors in recent days have been reacting to softer U.S. inflation data, which tempered expectations of imminent tapering of asset purchases by the Federal Reserve, and weak retail sales figures from China, which suggested a slowdown in the global economic recovery.
In other news, UK. Prime Minister Boris Johnson on Wednesday reshuffled his Cabinet, replacing a number of senior ministers and urging his government to tackle economic inequality in the aftermath of the pandemic.
German Finance Minister Olaf Scholz will face questions from lawmakers next Monday over suspected failings at the federal anti-money laundering agency. The interrogation will take place days before the country’s elections in which Scholz is favorite to succeed Chancellor Angela Merkel with his Social Democratic Party leading in the polls.
Earnings on Thursday come from John Lewis, the Co-operative Group, Kier and Superdry.
On the data front, August car registrations for Germany, France, the UK., Italy and the Netherlands are due Thursday, along with Italian and euro zone trade balance figures.
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