Before the open: Spotlight on UK unemployment as markets open

There is a keen focus on UK unemployment this morning following the Bank of England's introduction of an unemployment threshold for interest rates.

Earlier this month the Bank announced its decision to fix interest rates at 0.5 per cent until unemployment, which is currently at 7.8 per cent, falls to seven per cent.

Asian markets were virtually flat last night as the Nikkei closed up 0.01 per cent.

The FTSE is expected to open up this morning:

For equities to really crack on, we need more appeasement & decent 3rd Q earnings - OPENING CALLS - FTSE +7, DAX +23, CAC +6

— David Buik (@truemagic68) September 11, 2013

Key events:

  • French July current account at 07.45.
  • UK August claimant count at 09.30. Claimant count exchange expected up from -29.2k to -22.0k.
  • UK July ILO unemployment rate at 09.30.
  • UK July average earnings at 09.30. Including bonus expected to fall from 2.1 per cent to 1.2 per cent.
  • UK Bank of England Monetary Policy Committee member David Miles speaks at 16.30.