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LONDON (Alliance News) - London stocks are forecast to open lower Thursday, continuing the downbeat sentiment on Wall Street despite the US Federal Reserve leaving interest rates unchanged and reiterating its pledge to remain "patient" before beginning to normalize monetary policy.
The FTSE 100 is called to open 68 points down at 6,757.7, after the DJIA in NY ended 1.1% lower Wednesday.
The Federal Reserve on Wednesday repeated its pledge to remain "patient" on raising interest rates amid unusually low inflation that could derail the US economic recovery.
"Based on its current assessment, the committee judges that it can be patient in beginning to normalize the stance of monetary policy," the US central bank said at the conclusion of its two-day meeting Wednesday. The statement suggests the Fed is unlikely to raise interest rates until at least June, but probably later.
"US markets fell back dragged down by lower crude oil prices, and a Federal Reserve which appeared apparently unconcerned about the recent rise in the US dollar," says Michael Hewson at CMC Markets. "This recent US dollar strength has seen some companies come in short on revenues and profits, Boeing and Apple notwithstanding, and this appears to be causing some reassessment of stock valuations across the board."
Brent crude is quoted at around USD48.58 a barrel Thursday, and West Texas Intermediate is quoted at USD44.44 a barrel. The US benchmark dipped to a new six-year low of USD43.89 earlier after the weekly inventories report from the US Energy Information Administration showed crude oil stockpiles in the US surged by more than expected last week.
Gold is steady, quoted Thursday morning at USD1,281.88 an ounce.
German unemployment data are due at 0855 GMT, euro area consumer confidence is at 1000 GMT and German inflation for January is due at 1300 GMT.
In Asia, Japan's Nikkei closed down 1.1% at 17,606.22 Thursday. The Hang Seng in Hong Kong is 1.1% lower at 24,602.2 and the Shanghai Composite is down 0.9% at 3,274.923.
Among UK companies reporting are Diageo, 3i Group, Lonmin and Mitchells & Butlers.
US earnings later Thursday include Alibaba, Amazon, ConocoPhillips, Dow Chemicals, Ford and Visa.
By Ian Edmondson; ianedmondson@alliancenews.com
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