U.S. equity markets look likely to test their all-time highs on Thursday, with the S&P 500 on course to open at record levels and the Dow not far behind. The focus this morning has been on oil and UK markets, with OPEC making statements on the proposed oil cut extension and UK growth figures disappointing in the first quarter.
We've expected a relatively flat open on Wall Street on Wednesday, as traders await the minutes from the FOMC meeting earlier this month, having already strongly priced in a rate hike in June, with a second in December looking less certain.
Equity markets in Europe are trading a little mixed on Tuesday, offering little direction for US futures ahead of the open on Wall Street, while commodities are broadly in the green as oil looks to extend its winning run to five straight sessions. There have been some interesting moves in currency markets this morning, with sterling being particularly volatile on the back of some interesting inflation data.
It’s been a relatively flat start to trading on Friday but things should pick up as we approach the U.S. session, with retail sales and inflation data due to be released, among others, and the Fed’s Charles Evans scheduled to appear.
U.S. futures are pointing to a slightly higher open on Friday as we await economic data and earnings for the first quarter. It’s already been a lively start to trading in Europe where we got some surprising numbers from the UK and the euro area.
More than nine months after the UK voted to leave the European Union and end its 44-year membership of the block, PM Theresa May will finally today deliver a letter officially triggering Article 50 and beginning at least two years of tough negotiations.