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LONDON (Alliance News) - UK shares are set to open flat Thursday, as investors focus on the UK Construction Purchase Managers' Index and US jobless data, while the price of oil has came down overnight after rising when Pemex reported a fire Wednesday on an oil rig in the Gulf of Mexico.
IG says futures indicate the FTSE 100 will open 1 point lower at 6,808.00. The index closed up 0.5% at 6,809.50 on Wednesday as investor sentiment was lifted by better-than-expected manufacturing Purchasing Managers' Index readings in the UK and Europe.
Four workers were killed and about 10 were injured in a blast and resulting fire early Wednesday on a Mexican oil rig in the Gulf of Mexico, the state-controlled firm Petroleos Mexicanos (Pemex) said. The injured in the accident, which prompted the evacuation of about 300 workers, were taken to hospitals in Ciudad del Carmen on the Mexican mainland.
Pemex Chief Executive Emilio Lozoya travelled to the area in the Gulf of Mexico to supervise efforts to put out the fire. Navy personnel were assisting Pemex staff in the effort. Pemex said that eight firefighting boats were on hand to fight the fire on the Abkatun rig in the Campeche Sound in south-eastern Mexico.
Brent crude is trading at around USD56.74 a barrel early Thursday, while US benchmark West Texas Intermediate is trading at USD49.66 a barrel. Gold trades early Thursday at USD1,204.11 an ounce.
Wednesday, US crude oil snapped a three-day loss to end over 5% higher on the day, partly thanks to increased demand for gasoline in the US. The US Energy Information Administration weekly report showing a marked decline in gasoline stocks last week. Prices have also been impacted after Iran's nuclear program talks with the West continued to be extended as the sides failed to reach an agreement by Tuesday's deadline.
In Europe, Greece submitted a new set of economic reforms to European authorities on Wednesday, marking the most comprehensive effort yet taken by the country's newly-elected left-wing government to unlock the EUR7.2 billion in bailout fund it will need to prevent it from going bankrupt, the Financial Times reports.
The 26-page document, seen by the FT, will rely on plans to crack down on tax evasion and fraud in order to raise as much as EUR6 billion this year. The measures include raising EUR875 million from audits of offshore bank transfers and EUR600 million from a new lottery scheme aimed at compelling Greek consumers to demand value-added tax receipts.
Wall Street ended lower Wednesday. The DJIA, the S&P 500 and the Nasdaq Composite all closed down 0.4%.
In Asia on Thursday, the Japanese Nikkei 225 trades up 1.7%, while the Hang Seng trades up 0.5%. The Shanghai Composite is trading down 0.4%.
In the corporate calendar, Forbidden Technologies will release full year results. Tate & Lyle, Electrocomponents and Ferrexpo will issue trading updates. Meanwhile, Marks & Spencer Group and Booker Group will issue fourth quarter interim management statements, while Dunelm Group will issue a third quarter management statement.
In the economic calendar Thursday, UK Markit Construction Purchase Managers' Index is at 0930 BST. In the US, Initial jobless claims data is at 1330 BST.
By Daniel Ruiz; danielruiz@alliancenews.com
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