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5 Things to know this morning - 03/11

These are the top 5 most important things to know for today’s trading day.

 

1. Global stocks mixed ahead of BoE and U.S. data

Asian shares showed mixed trade on Thursday with Tokyo out for a public holiday and caution ruling ahead of nonfarm payrolls data in the U.S on Friday and the November 8 vote next week to cap a bitter U.S. presidential election.

European stocks were steady to higher on Thursday, as investors eyed the Bank of England’s policy statement due later in the trading session and as they remained cautious ahead of the U.S. presidential election next week.

Meanwhile, U.S. futures pointed to a mixed open on Thursday after the S&P 500 closed lower for a seventh consecutive session a day earlier, logging its longest losing streak since November 2011. At 10:03GMT, the blue-chip Dow futures rose 17%, S&P 500 futures inched up 0.02% and the Nasdaq 100 futures dropped 0.25%.

 

2. BoE expected to hold on rates

The Bank of England (BoE) will release its rate decision and minutes of its Monetary Policy Committee meeting at 11:00GMT on Thursday.

Market analysts expect the BoE to stand pat on policy after comments from its governor Mark Carney combined with a slew of robust data in the past week saw fears of a recession in the near term abate.

The British central bank may also increase growth forecasts as the economy has remained resilient despite the U.K.’s decision to leave the European Union (EU) known as a Brexit.

The BoE may also increase inflation forecasts as sterling slumped in the wake of the Brexit decision, forcing import prices higher.

The majority of economists polled by Reuters have pushed a rate cut off the table for this year, with some traders in financial markets already speculating on the next move up.

 

3. Jobless claims final indicator ahead of Friday’s NFP

Stateside, market participants will focus on the weekly jobless claims due at 12:30GMT Thursday.

The data will be a final indicator for markets to adjust ahead of Friday’s October employment report where forecasts point to jobs growth of 175,000, with the unemployment rate expected to dip to 4.9% from 5.0%.

On Wednesday, the Federal Reserve (Fed) decided to hold interest rates steady, stating that though the case for a hike “continued to strengthen”, it preferred, “for the time being, to wait for some further evidence of continued progress toward its objectives" of maximum employment and inflation near 2%.

Markets were pricing in the odds of a rate hike in December at around 60% on Thursday.

Also on Thursday’s calendar, investors will digest service sector growth and factory orders.

 

4. Facebook tumbles 6% on future growth worries

Shares in Facebook tumbled 6% in pre-market trade on Thursday as the world's largest online social media network warned that revenue growth would slow this quarter, causing concern over its future capability to remain popular with younger users.

Facebook’s results were a blip in the S&P 500 earnings positive progress in the last quarter, though they fit in line with the general trend.

Analysts from The Earnings Scout pointed out that both sales and earnings continue to accelerate in the third quarter “but with a little less shine this week”.

Prior to this week, they said that 58% of the 289 S&P firms reporting beat on sales, while this week only 36% of the 72 have managed better-than-expected revenues.

 

5 U.K. high court rules Parliament must vote on Article 50

The U.K. high court rules that the British Parliament is required to vote on Article 50, which will trigger negotiations between the government and the European Union (EU) to deciding on trade agreements as Britain prepares for Brexit, as the process of the U.K. leaving the EU is known.

The government led by Prime Minister Theresa May, who insisted that “Brexit means Brexit”, was expected to appeal the decision at the Supreme Court with a hearing expected sometime in early December.

The pound soared on the initial announcement with GBP/USD hitting an intraday high of 1.2450, compared to 1.2365 before the decision. However, gains were pared as the government confirmed that it would appeal the decision. The pair was up 0.878% at 1.2412, 10:24GMT.

 

 

 

 

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