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
- The new Volkswagen Passat - a long range PHEV that's only available as an estate
- Mini Cooper SE: The British icon gets an all-electric makeover
- How to invest for income and growth: SAINTS' James Dow
- BMW meets Swarovski and releases BMW i7 Crystal Headlights Iconic Glow
- 2025 Aston Martin DBX707: More luxury but comes with a higher price
- Land Rover unveil newest all-electric Range Rover SUV
- BMW's Vision Neue Klasse X unveils its sports activity vehicle future
- 'Now even better': Nissan Qashqai gets a facelift for 2024 version
- Tesla unveils new Model 3 Performance - it's the fastest ever!
- Mercedes has finally unveiled its new electric G-Class
- Mini celebrates the release of brand new all-electric car Mini Aceman
- MailOnline asks Lexie Limitless 5 quick fire EV road trip questions
- Hundreds of jobs at risk as Anglo slashes funding for...
- Savers rush to open new savings accounts paying up to...
- Axe stamp duty on British shares, says Flutter boss as...
- I don't want smart meters, so Eon is charging me £316 to...
- Experian shares rise sharply as credit data giant lifts...
- Golden Virginia owner Imperial Brands bolstered by higher...
- BUSINESS LIVE: Burberry hit by luxury slowdown; Imperial...
- Tesco boss pockets £10m in biggest ever pay deal at a UK...
- Compass Group ups guidance thanks to major sporting events
- Royal Mail's future hanging in the balance as bid...
- My neighbour has started keeping bees - can I stop him?...
- How refreshing that Anglo has chosen not to grab the...
- Burberry profits plummet amid luxury slowdown and China...
- I believe prenups are so vital every couple should be...
- MARKET REPORT: Vodafone shares rally as investors cheer...
- ANOTHER UK tech star is bought by US private equity: KKR...
- De Beers eyes £4bn London float as Anglo bids to fend off...
- Tech firm Raspberry Pi confirms plans to IPO in London