European stocks are likely to open higher on Thursday as focus shifts to the Bank of England’s policy meeting later in the day and Friday’s U.S. employment report.<\/p>\n
The Bank of England is likely to keep its interest rate on hold for a second consecutive meeting as data continues to show moderating price pressures and weakening economic activity. <\/p>\n
Across the Atlantic, trading later in the day may be impacted by reaction to reports on initial jobless claims, labor productivity and factory orders ahead of the all-important jobs report for October due on Friday. <\/p>\n
Forecasts for the jobs report reveal a slowdown in hiring and wage growth in the month. <\/p>\n
Asian markets<\/span> rallied on expectations that the U.S. central bank may now be finished with the most aggressive tightening cycle in four decades.<\/p>\n The dollar tracked Treasury yields lower, helping gold prices lift higher in Asian trade. <\/p>\n Oil prices rose more than 1 percent, rebounding from a one-month low hit the previous day amid signs that Israeli ground forces are expanding operations in the Gaza Strip.<\/p>\n The Pentagon has announced that an additional 300 U.S. troops will deploy to the U.S. Central Command area of operations as war rages in the Middle East.<\/p>\n U.S. stocks rallied overnight as comments from Fed Chair Jerome Powell suggested that rate hikes were done. <\/p>\n Weaker than expected ADP employment and manufacturing data also eased concerns about the outlook for interest rates.<\/p>\n The Dow rose 0.7 percent to close higher for the third consecutive session as the Fed skipped a rate hike for the third time this year. <\/p>\n The S&P 500 rallied 1.1 percent and the tech-heavy Nasdaq Composite jumped 1.6 percent. <\/p>\n