Here are the top five things you need to know in financial markets on Thursday, May 12:
1. BoE expected to hold on rates; eyes on possible dissent
The Bank of England (BoE) was widely expected to hold on interest rates and lower economic forecasts at 11:00AM GMT, or 7:00AM ET.
Consensus pointed to a unanimous decision, though there was chatter of a possible dissent which would call for a rate cut due to the gloomy economic outlook and concern over the June 23 referendum on the U.K.’s membership in the European Union.
BoE governor Mark Carney was scheduled to hold a press conference at 11:45AM GMT, or 7:45AM ET.
2. Gold demand surges record 21% in Q1
Global gold demand at the start of 2016 rose at its fastest pace ever on inflows from exchange traded funds (ETFs), according to an industry report released on Thursday.
The 21% annual increase in the first quarter was the largest ever for the first three months of a year and the second fastest quarterly place on record, according the World Gold Council report.
3. Oil rises on output disruptions and possible strong demand
Black gold quoted gains on Thursday in early European trade after the International Energy Agency (IEA) said that output disruptions were apt to erode excess supply and the agency slightly increased its forecast for demand, while noting that “any changes to our current 2016 global demand outlook are now more likely to be upwards than downwards.”
U.S. crude oil futures gained 0.89% to $46.64 at 9:57AM GMT, or 5:57AM ET, while Brent oil rose 0.78% to $47.97.
4. Jobless claims and Fed officials in the spotlight
Stateside, investors looked ahead to the release of weekly jobless claims at 12:30GMT, or 8:30AM ET, with consensus expecting a slight drop of 4,000 to 270,000.
Market participants were also waiting for several appearances from members of the Federal Reserve (Fed) to take further note of the pulse of future rate hikes.
Cleveland Fed president Loretta Mester was scheduled to speak on monetary policy at 15:00GMT, or 11:00AM ET.
Boston Fed chief Eric Rosengren will give a speech at 15:45GMT, or 11:45AM ET.
Kansas City Fed president Esther George will talk about the economy at 17:30GMT, or 13:30ET.
5. Global stocks traded mostly higher
Despite concerns over economic growth worldwide, with the exception of the S&P/ASX All Australian 200 that lost 0.24%, Asian stocks were higher with the Nikkei 225 posting a gain of 0.41% and the Dow Jones Shanghai up 0.10%.
At 9:58AM GMT, or 5:58AM ET, European stocks markets moved broadly higher, accompanied by the gains in oil and with the focus on the upcoming BoE events. The European benchmark Euro Stoxx 50 traded up 0.80%, the DAX gained 0.88%, the CAC 40 advanced 0.70% and London's FTSE 100 added 0.24%.
In the U.S., futures also pointed to a higher open on Thursday in a bounce after the Dow registered its largest fall since February the prior day. The Dow Jones Industrial Average futures pointed to a 0.48% gain, S&P 500 futures a 0.62% increase, while the Nasdaq 100 futures indicated a 0.65% advance.