17 C
New York
Tuesday, October 8, 2024

European Stocks Set for Mixed Opening as UK Awaits Central Bank Decision

LONDON — European stocks are anticipated to open mixed on Thursday as U.K. investors await the Bank of England’s policy rate decision.

The U.K.’s FTSE index is forecasted to rise by 16 points to 8,212, Germany’s DAX by 21 points to 18,087, France’s CAC 40 by 3 points to 7,568, and Italy’s FTSE MIB by 10 points to 33,192, according to IG.

U.K. traders will be closely watching the Bank of England’s rate decision on Thursday. The central bank is expected to maintain rates at a 16-year high of 5.25%, though most economists polled by Reuters predict a rate cut in August following the country’s July 4 election.

Data released Wednesday showed U.K. inflation increased by 2.0% annually in May, aligning with the BoE’s inflation target.

The Swiss National Bank is also scheduled to announce its latest monetary policy decision on Thursday. Two-thirds of economists polled by Reuters expect the SNB to opt for a 25-basis-point cut to 1.25%.

Also read: UBS’s Market Power Unsettles Swiss Industry

Investors will be watching earnings reports from Boohoo Group and DS Smith closely. Additionally, flash consumer confidence figures from the euro zone for June are set to be released.

Overnight, Asia-Pacific markets were mostly down on Thursday as China kept its one- and five-year loan prime rates unchanged. Meanwhile, S&P 500 futures remained relatively steady on Wednesday, with investors anticipating the benchmark to extend its recent record high.

In terms of data, flash consumer confidence figures from the euro zone for June are expected to be released.

Ryan Foxworth
Ryan Foxworth
Ryan Foxworth is a seasoned financial analyst and writer, specializing in market trends, investment strategies, and economic analysis. His expertise lies in interpreting complex financial data and forecasting market movements with precision. Ryan holds an MBA degree, where he focused on finance and macroeconomics. Prior to his writing career, he worked as a portfolio manager at a leading investment firm, managing diverse portfolios and advising high-net-worth clients on wealth management strategies.

Latest Posts

Don't Miss

Stay in touch

To be updated with all the latest news, offers and special announcements.