European stocks are expected to open higher on Thursday, taking cues from a rally in oil prices after a wildfire near Canadian oil sand fields disrupted output. Oil prices jumped by more than one percent in early trading on Thursday as a huge wildfire in Canada disrupted its oil sands production, while escalating fighting in Libya.
Today in Switzerland, Japanm and South Korea All Day is Holiday.
Asian markets were flat to lower on Thursday in the wake of a reading on China's economy showing growth in the services sector moderated and the U.S. dollar strengthened. (Nikkei 225: -3.11%; Hang Seng Index: -0.33%; S&P/ASX 200: -0.05%; Shanghai Composite Index: -0.19%; KOSPI Index: -9.70)
Major resource producers were mixed, with shares of Fortescue Metals falling 2.88 percent, while Rio Tinto's shares increased 0.37 percent. In China, Baoshan Steel was also down 0.89 percent and Aluminium Corp of China was 0.7 percent lower.
Continued interpretation of controversial political moves between the EU and Turkey. Part of the analysts point out that the EU is very enchanting Turkey to be held in the European orbit by dropping the visa system is a powerful tool in that direction.
The problems in the banking sector in Europe range from commercial retail to investment banking. Reasons for the problems facing the banking institutions have low interest rates, deflation atmosphere and debt accumulation. The data from Europe today: 11:00 - ECB Economic Bulletin and 11:30 - UK Services PMI (Apr) - with expectation 53.5.
Earnings are due from BT, GlaxoSmithKline, Monte dei Paschi di Siena bank, Sage Group and Morrison supermarket.
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