Wall Street shares are set for a higher open on Thursday after plunging Wednesday amid fears over American consumer spending.
Retail stocks were among the weakest on Wall Street as major US benchmarks tumbled, and as earnings reports from the likes of Macys (NYSE:M) and Disney (NYSE:DIS) disappointed.
In Asia overnight, it was a mixed bag with the Hang Seng in Hong Kong down 139 points. The Shanghai Composite eased a tad lower, down around one point, while Japan's Nikkei 225 managed to rise around 67 points.
On Wall Street yesterday, the Dow Jones Industrial Index shed 217 points, 1.2%, to close at 17,711. The S&P 500 dipped 0.96% to 2,064 and the tech heavy Nasdaq lost 1.02% to 4,760.
Today, futures trading sees the Dow 79 points ahead, the S&P500 is down over 19 and the tech heavy Nasdaq is 49 lower.
The oil price is 0.49% higher to stand at US$46.63 as the price of crude firmed as the threat of a glut was lessened.
The International Energy Agency (IEA) said that global oil stocks would experience a “dramatic reduction” in the second half on the back of strong demand and falling supply from some of the major producers.
Again, Thursday is a big day for retailers. Supermarket Kohl's (NYSE:KSS) is reporting ahead of the bell, while fashion clothing retailer Ralph Lauren (NYSE: RL) is also due to report.
In the UK, the Central Bank will announce policy decisions and any move on interest rates, which is likely to be closely watched.