A look at the day ahead in European and global markets from

Gregor Stuart Hunter:

As Vladimir Lenin had it, just as there are decades where

nothing happens, there are weeks where decades happen. The same

is broadly true in central banking, with this one towards the

busier end of the spectrum.

Markets are digesting the U.S. central bank's moves, which

saw the Federal Open Market Committee delivering a widely

expected 25 basis point rate cut on Wednesday, with only new

Governor Stephen Miran dissenting in favour of a larger 50 bps

cut.

For those marking up their scorecard: The Bank of Canada

cut, the People's Bank of China held, the Hong Kong Monetary

Authority had no choice but to follow the Fed, the Bank of

England is later today, and the Bank of Japan follows tomorrow.

After a stumble on Wall Street, Asian markets bought the dip

on Thursday, sending S&P 500 e-minis up 0.5% and Nasdaq

futures 0.7% higher. That risk-on sentiment looks set to

follow through to Europe, where pan-region futures are

rising 0.6%, German DAX futures have gained 0.7% and

FTSE futures are 0.2% higher.

Bond markets also rallied after a pullback, with the yield

on benchmark 10-year Treasury notes sliding to

4.068% compared with its U.S. close of 4.076% on Wednesday.

The dollar held steady at 97.024 after recovering

from a three-and-a-half-year low. Gold fluctuated between

gains and losses, hitting an air pocket after scaling a record

high on Wednesday, with bullion last trading at $3,659.40 per

ounce.

Still, for all the sugar rush of the Fed resuming an easing

cycle, growth worries are never far away. New Zealand stocks and

the kiwi dollar skidded after worse-than-expected economic data

and Australian stocks dropped after the release of

weaker-than-expected labour market figures.

Shares in gas producer Santos slid as much as 13.6%

after a consortium led by Abu Dhabi's ADNOC scrapped its $18.7

billion bid for the company, saying commercial terms could not

be agreed. Brent crude fell 0.2% to $67.84 per barrel.

For all that drama, MSCI's broadest index of Asia-Pacific

shares outside Japan is trading flat.

Key developments that could influence markets on Thursday:

Corporate earnings:

Auto Trader Group, Embracer Group, Next

Central bank decisions:

UK: Bank of England

Economic data:

UK: GfK Consumer Confidence for Sept

Debt auctions: France: 3-year, 5-year, 8-year, 9-year and

13-year government debt auctions