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LONDON (Alliance News) - UK equities are expected to open in a subdued mood Thursday, waiting for direction from European data and as US traders stay home for the Thanksgiving Day holiday.
US markets closed close to record highs once again last night, encouraged by Wednesday's largely positive macro data, particularly the final print of the Michigan consumer confidence survey that saw a revision up to 75.1, completely reversing the decline in the original November reading.
Asian markets had a positive session overnight, the Japanese Nikkei closing up 1.8% at its highest levels since May, while the Hang Seng looks set to close up about 0.5%.
With little else to go on until European data is released this morning, the FTSE 100 is called to open just marginally lower by spread betters, about 6,650.00 points.
The German DAX is indicated to be the most positive major European equity market at the open, encouraged that after three months of negotiations a new Federal government should be in place by Christmas.
With the US out for Thanksgiving, it is Germany and the Eurozone that will provide the major economic releases to watch Thursday. First up at 0855 GMT are German unemployment numbers. The expectation is for unemployment to have risen by an extra 1,000 people in November, following a rise of 2,000 people in October. The headline rate is expected to be unchanged at 6.9%.
Later in the morning, at 1000 GMT, the EU consumer confidence index for November is expected to show a drop to negative 15.4, from negative 14.5 in October. The EU economic confidence survey however is expected to show a rise in November to 98.0 from 97.8 in October. In a slightly busy round of EU releases, the services sentiment indicator for November is expected to improve slightly, to negative 3.5, from negative 3.7.
In the afternoon Eurozone inflation will be back in focus. Following deflation concerns sparked by a 0.2% monthly fall in October, the November CPI is expected to have risen by just 0.1%, with the data out at 1300 GMT.
In the corporate calendar, Thomas Cook have already released preliminary full year numbers that show an increase in revenues and narrowing of losses. Kingfisher Group and Wolseley are amongst the biggest of other names reporting Thursday.
By Jon Darby; jondarby@alliancenews.com; @jondarby100
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