12th Jan 2017 06:43
VIENNA (Alliance News) - European stocks look set to open lower on Thursday after US President-elect Donald Trump's first press conference since winning the election proved to be a dampener for investors looking for cues on his tax and international trade policies.
Treasuries gained and the dollar nursed widespread losses as Trump failed to provide details on proposed fiscal stimulus and infrastructure spending.
Asian stocks are trading on a mixed note, with Japanese shares coming under heavy selling pressure, as the yen continued to surge and shares of drugmakers dropped following Trump's comments on drug pricing.
Oil prices dipped in Asian deals as data showing increased US crude inventories and signs of rising shipments from other producers overshadowed news of Saudi supply cuts to Asia.
The Mexican peso hovered near a historic low against the dollar after Trump warned US auto companies would face a high tax for products made in Mexico and also reiterated that the US would start building a wall along the two countries' border to keep out illegal migrants.
In economic releases, the latest NIESR estimate suggested that UK GDP rose 0.5% in the fourth quarter, unchanged from the November estimate, which was revised up from the original estimate of 0.4%.
"Consumers face significant headwinds this year and next, not least the increase in consumer price inflation that is a consequence of pass through from the depreciation of sterling in 2016," the think tank said.
The ECB minutes from its December meeting along with USjobless claims data and speeches by several Federal Reserve officials may influence trading sentiment as the day progresses.
US stocks fluctuated before closing modestly higher overnight as crude oil prices rose and investors digested comments from Trump's first press conference since the Nov. 8 election.
The Dow rose half a percent and the S&P 500 gained 0.3%, while the tech-heavy Nasdaq added 0.2% to extend gains for the seventh straight session and reach a fresh record closing high.
The pan-European Stoxx Europe 600 index closed 0.2% higher on Wednesday, adding to a 0.1% gain in the previous session, as gains among miners and energy shares offset declines in healthcare stocks.
The German DAX rose half a percent, France's CAC 40 index closed marginally higher and the UK's FTSE 100 inched up 0.2%.
Copyright RTT News/dpa-AFX