FTSE preview: Miners to continue rally
The FTSE 100 is expected to open higher on Thursday, say financial bookmakers, extending the rebound seen in the previous session, in tandem with strong gains on Wall Street and in Asia ahead of a key European Central Bank meeting.
Market watcher: Will shares recover ground lost this week?
The UK blue chip index closed 114.23 points, or 2.1% higher on Wednesday at 5,642.50, clawing back a chunk of the sharp losses made in the past three sessions, with commodities boosted by upbeat Chinese data and banks rallying as European bank contagion concerns eased.
On Wall Street, the Dow and the S&P 500 scored their biggest gains in three months on Wednesday, boosted by efforts to resolve the EU's debt crisis, while Japan's Nikkei share average on Thursday hit a five-month high ahead of an ECB Council meeting that investors speculate could yield new measures to contain the euro zone's fiscal crisis.
Even after Ireland's bailout last weekend, investors have been losing confidence that Portugal and Spain can escape a similar fate, leading to expectations the ECB will announce backstop measures to keep cash flowing in its financial system, though it may disappoint investors by not being ready to increase bond purchases just yet.
On the domestic data front, after Wednesday's strong Market/CIPS British manufacturing PMI report, Thursday sees the release of the Market/CIPS British construction PMI report for November at 0930 GMT, with a reading of 51.0 forecast, after a 51.6 percent reading in October.
Across the Atlantic, ahead of Friday's key Novenber non-farm payrolls report, the latest US weekly jobless claims will be scrutinsed, with October US pending home sales data due.
There will be results today from Kingfisher, TUI Travel, Marston's, Britvic and OMG.
Reader service: Free brochure guides
Completely free insider guides on the latest investing trends...
Most watched Money videos
- BMW's Vision Neue Klasse X unveils its sports activity vehicle future
- Inside the new Ferrari V12 Cilindri
- Skoda reveals Skoda Epiq as part of an all-electric car portfolio
- 2025 Aston Martin DBX707: More luxury but comes with a higher price
- Land Rover unveil newest all-electric Range Rover SUV
- 'Now even better': Nissan Qashqai gets a facelift for 2024 version
- How to invest for income and growth: SAINTS' James Dow
- Mercedes has finally unveiled its new electric G-Class
- Mini celebrates the release of brand new all-electric car Mini Aceman
- Blue Whale fund manager on the best of the Magnificent 7
- Mini Cooper SE: The British icon gets an all-electric makeover
- Tesla unveils new Model 3 Performance - it's the fastest ever!
- How these four private equity trusts could help you cash...
- BHP boss to meet his counterpart at takeover target Anglo...
- Jaguar Land Rover posts its biggest profit since 2015...
- MARKET REPORT: S4 Capital shares soar as Sir Martin...
- 86-year-old Peter's woes with a faulty smart meter that...
- ALEX BRUMMER: UK second to United States among G7 richest...
- Ikea pushes back opening of its Oxford Street store to...
- Footsie hits new high as economy roars back
- British Airways owner IAG set for bumper summer
- Should the Bank of England have cut interest rates...
- Households with emergency savings pots rises...
- My favourite 20 new cars for under £20,000 - by the...
- SMALL CAP MOVERS: Light Science Technologies sales flourish
- The government is asking motoring enthusiasts for help...
- Rightmove expects weaker ad revenue growth as more...
- BUSINESS LIVE: UK GDP grows 0.6%; IAG profits take off;...
- How criminals could use AI to scam Britons - and what can...
- BA owner IAG profits climb more than sevenfold