Hurricane Harvey Might Be Battering Gasoline But Markets Don't Care
This is what you need to know on Thursday:
1. European stocks are set for their second consecutive session of gains Thursday as a stronger U.S. dollar holds down regional currencies and improving economic sentiment keeps global equity markets in the green.
2. Sentiment had been boosted by a solid reading for manufacturing and service sector activity in August from officials in China.
3. Investors price in faster rate hikes from the U.S. Federal Reserve after a stronger-than-expected reading of private sector hiring in August and an upward revision of second quarter GDP growth to 3% yesterday by the U.S. Commerce Department.
4. Global oil prices were holding steady in overnight trading, although prices have slipped past six weeks lows in the days since Tropical Storm Harvey shuttered nearly a fifth of U.S. refining capacity in and around the Gulf region near the city of Houston, even as gasoline futures prices spiked to the highest levels since January 2015.
5. Early indications from U.S. equity futures point to modest gains on Wall Street at the opening bell ahead of Friday's August jobs report.
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