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LONDON (Alliance News) - UK stocks are set to open lower Wednesday as markets turn their focus to the Bank of England minutes from the Monetary Policy Committee's last policy meeting before the release of US Federal Reserve minutes after the London equity market close.
In its last policy meeting earlier in May, the Bank of England maintained its key interest rate at record low level of 0.5% and the size of the quantitative easing at GBP375 billion. However, analysts are expecting few surprises from the minutes, which show the actual vote at the meeting, after last week's inflation report in which Bank of England Governor Mark Carney said he expects interest rates to remain low until next year.
IG says futures indicate the FTSE 100 to open 6 points lower at 6,989.1. The index closed up 0.4% at 6,995.10 on Tuesday after European Central Bank Executive Board member Benoît C?uré said the central bank will accelerate its quantitative easing plan in the short-term, "moderately" front-loading May and June in order to prevent any summer economic slump.
On Wall Street Tuesday, the DJIA closed up 0.1%, the S&P 500 ended down 0.1% and the Nasdaq Composite ended down 0.2%.
In Asia on Wednesday, the Japanese Nikkei is up 1.0%, the Hang Seng trades down 0.2% and the Shanghai Composite is up 1.9%.
Japan's gross domestic product climbed 0.6% on quarter in the first quarter of 2015, the Cabinet Office said. The preliminary number beat expectations for an increase of 0.4%, and it was up from the downwardly revised 0.3% rate of growth in the fourth quarter. The previous fourth quarter reading was growth of 0.4%.
In the UK corporate calendar, there are full-year results from FTSE 100 constituents Marks & Spencer Group, Burberry Group, and SSE. In the FTSE 250, there are full-year results from Intermediate Capital Goods, Cable & Wireless Communications and Pennon Group. Zoopla Property Group, Thomas Cook Group, and Britvic will report half-year results. Hargreaves Lansdown and Ricardo issue interim management statements.
In the economic calendar, there is the German producer price index at 0700 BST, before the release of the Bank of England minutes at 0930 BST. There is eurozone construction output at 1000 BST, US MBA mortgage applications at 1200 BST and US EIA crude oil stocks at 1530 BST. After the London close, the Fed minutes will be released at 1900 BST.
By Neil Thakrar; neilthakrar@alliancenews.com; @NeilThakrar1
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