FTSE 100 to start Thursday slightly higher with eyes on local and Scottish elections

The FTSE 100 is set to start Thursday a slightly higher as international stock markets look a little shaky and domestic attentions are on politics, as local elections are potentially set to act as a bellwether. CFD and spreadbetting firm IG Markets sees the blue-chip benchmark around 7 points into positive territory, making a price of 7,047 to 7,050 with just over an hour to go until the open. It comes after a back-‘n’-forth couple of sessions in the shortened four day week. “While Tuesday’s sharp falls were blamed on a multitude of factors the reality was nothing much had changed from where we were at the end of last week,” said Michael Hewson, analyst at CMC Markets. “This may help explain why stocks managed to rebound yesterday given that the economic outlook remains undimmed, despite concerns of higher inflation. “That’s not to say that the risk of further losses for US stocks has diminished, it hasn’t as evidenced by yesterday’s rather lacklustre US finish, which saw the Nasdaq and the Russell 2000 end the day lower for the second day in a row, even as the Dow made a new record high.” The analyst added: “Today’s European session looks set to get off to a slightly weaker start as a result of the failure of US markets to hang onto their gains, with the main focus on sterling today as local and regional elections get under way across the country, with a lot of attention set to be on the Scottish vote and whether the SNP will be able to obtain a majority to claim the right to hold another independence vote.” Wall Street benchmarks ended mixed on Wednesday albeit the trading pattern and sentiment weren’t massively dissimilar. The Dow Jones gained 97 points or 0.29% to finish Wednesday at 34,230. At the same time the S&P 500 nudged 0.07% higher to end the session at 4,167 whilst the Nasdaq remained in negative territory, down 0.37% to 13,582. Small cap focussed Russell 2000 was similarly 0.31% lower at 2,241. In Asia, Japan’s Nikkei rallied up some 472 points or 1.64% to reach 29,284 whilst Hong Kong’s Hang Seng added 101 points or 0.35% to trade at 28,519. The Shanghai Composite dipped slightly lower, losing 0.16% to 3,439. Around the markets Pound: US$1.3905, down 0.01% Gold: US$1,790 per ounce, up 0.29% Silver: US$26.61 per ounce, up 0.59% Brent crude: US$69.18 per barrel, up 0.4% WTI Crude: US$65.70 per barrel, up 0.1% Bitcoin: US$57,259, up 4.43% 6.50am: Early Markets - Asia / Australia Stocks in the Asia-Pacific region were mixed on Thursday as investors look ahead to the US jobs report due later this week. The Hang Seng index in Hong Kong gained 0.37% while the Shanghai Composite in China slipped 0.17%. In Japan, the Nikkei 225 rose 1.71% and South Korea’s Kospi gained 0.66%. Shares in Australia declined, with the S&P/ASX 200 trading 0.64% lower. Proactive Australia news: Alkane Resources Ltd (ASX:ALK) non-executive chairman Ian Jeffrey Gandel has shown confidence in Alkane’s ambition of becoming Australia’s next multi-mine gold producer by acquiring shares worth $2.92 million. Bardoc Gold Ltd (ASX:BDC) has intersected broad zones of shallow high-grade gold mineralisation at the cornerstone 1.7-million-ounce Aphrodite Deposit within its flagship 3.07-million-ounce Bardoc Gold Project in the Kalgoorlie region of Western Australia. Cauldron Energy Ltd (ASX:CXU) (OTCMKTS:CAULF) has reached an agreement with Kuuwa Rentals to lease a T4 Sami Mobile Concrete Batching Plant (CBP) in Onslow, WA. Tietto Minerals Ltd's (ASX:TIE) latest infill drilling results further enhance the company’s plans to grow open pit gold resources at Abujar-Pischon-Golikro (APG) deposit, part of the Abujar Gold Project in Cote d'Ivoire West Africa. Zelira Therapeutics Ltd (ASX:ZLD) (OTCMKTS:ZLDAF) has launched its HOPE™ range of autism spectrum disorder products in Washington DC through its partnership with Alternative Solutions LLC, a licensed manufacturer and distributor of medical cannabis products. Predictive Discovery Ltd’s (ASX:PDI) new resource drilling results at Bankan Gold Project in Guinea have extended the NE Bankan Central zone to the south at depth with higher grades. Element 25 Ltd (ASX:E25) has boosted its finances to the tune of $9.2 million through the set-off of 4.8 million collateral shares previously issued to Acuity Capital under a Controlled Placement Agreement. FYI Resources Ltd (ASX:FYI) (OTCMKTS:FYIRF) (FRA:SDL) has entered an exclusivity agreement with Alcoa Australia Limited which will see the parties undertake detailed negotiations for a possible high purity alumina (HPA) project joint venture. VIP Gloves Ltd (ASX:VIP), which is undertaking an aggressive expansion drive with the construction of a second factory, expects to see its earnings increase gradually in financial years 2022 and 2023 from the additional capacity.