Investing.com - Here are the top five things you need to know today in financial markets:
1. Global shares rally after Fed minutes
Global stock markets rallied on Thursday as investors digested the release of the Federal Reserve's October meeting minutes.
The minutes showed that most members of the Federal Open Market Committee believe a rate hike next month would be appropriate but would then proceed with caution on further tightening, assessing economic conditions closely.
Asian stocks ended higher, inspired by strong overnight gains on Wall Street, with shares in China and Japan leading the way.
The upbeat trading mood also spilled over into Europe, where all major benchmarks scored gains of more than 1%.
Meanwhile, U.S. stock futures were up 0.4%, suggesting a strong opening on Wall Street later in the day. Wall Street rallied on Wednesday as investors braced for a hike in interest rates by the Federal Reserve next month.
2. Fed speakers take center stage
As the Federal Reserve's December meeting looms, speeches from its officials will receive special attention from markets.
Atlanta Fed President Dennis Lockhart is due at the DeKalb Chamber of Commerce in Georgia at 12:30PM Eastern Time, while Fed Vice Chairman Stanley Fischer will speak at the San Francisco Fed about Asia’s emerging markets, starting at 4:45PM.
A trio of Fed speakers on Wednesday said recent data has reinforced the case for raising interest rates in December.
3. U.S. weekly jobless claims due ahead of the open
The U.S. is to release a weekly report on initial jobless claims at 8:30AM ET Thursday, as well as data on the Philadelphia Fed manufacturing index for November, as traders look for further indications on the strength of the economy.
4. Wall Street earning season begins to wind down
Best Buy (N:BBY), JM Smucker (N:SJM), Dollar Tree (O:DLTR) and The Buckle (N:BKE) are due to report quarterly earnings ahead of Thursday's opening bell, while Gap (N:GPS), Intuit (O:INTU), The Fresh Market (O:TFM), Autodesk (O:ADSK), Williams-Sonoma (N:WSM) and Ross Stores (O:ROST) are due after the bell.
Investors will also take in Square (N:SQ) and Match Group's trading debuts on Thursday.
5. U.S. dollar slides lower vs. rivals on profit-taking
The dollar slid lower against the other major currencies on Thursday, as investors locked in profits from the greenback's broad rally following fresh signs of a potential U.S. rate hike before the end of the year.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.4% at 99.26, still close to Wednesday's seven-month high of 99.96.