By Peter Nurse
Investing.com - European stock markets are expected to open marginally higher Thursday, as investors digest the latest growth data from the U.K. while attempting to end the year on a positive note.
At 02:00 ET (07:00 GMT), the DAX futures contract in Germany traded 0.1% higher, CAC 40 futures in France climbed 0.1%, and the FTSE 100 futures contract in the U.K. rose 0.3%.
There has been a degree of optimism in the European markets heading into the holiday period, with equities boosted by a small improvement in German consumer sentiment on Wednesday followed by a rebound in U.S. consumer confidence.
This is helping promote the idea that the economic slowdown expected for the region at the start of 2023 may not be as bad as feared.
That said, final data released earlier Thursday showed that Britain's gross domestic product rose just 1.9% year-over-year in the third quarter, a drop of 0.3% on the quarter, as the country’s economy heads towards the recession the Bank of England signaled last month.
The BoE hiked interest rates, along with the European Central Bank and the Federal Reserve, last week as part of its prolonged attempt to curb inflation running near 40-year highs.
While tightening monetary policy, the central bank warned in November that the U.K. risked being plunged into the longest recession in 100 years.
Elsewhere, Ukrainian President Volodymyr Zelenskiy addressed the U.S. Congress in person on Wednesday, seeking more assistance for his country's war effort.
In his first trip outside Ukraine since Russia invaded the country over 300 days ago, Zelenskiy appealed for bipartisan support with the Republican party set to gain control of the U.S. House of Representatives in early January.
Oil prices rose Thursday, climbing for the fourth straight session, after U.S. inventories data pointed to tight supplies in the biggest consumer in the world ahead of the travel-heavy holiday season.
U.S. crude stocks fell by just under 6 million barrels in the week to Dec. 16, according to official data from the Energy Information Administration, released on Wednesday.
Helping the gains Thursday is the forecast for a deep chill to hit large parts of the United States as the year comes to an end, boosting the need for heating oil, with low temperatures expected as far south as Texas and Florida.
By 02:00 ET, U.S. crude futures traded 0.3% higher at $78.52 a barrel, while the Brent contract rose 0.2% to $82.34.
Additionally, gold futures fell 0.1% to $1,823.45/oz, while EUR/USD traded 0.6% higher at 1.0646.