FTSE 100 futures higher this morning as the Old Lady looms

Yesterday all the major European stock markets posted lower daily closes. The worst performer amongst the three was the FTSE 100. The index closed 56 points lower, at 8,253.68. That 0.68% loss on the day compared to a loss on the CAC of 0.57% and on the  DAX of just 0.08%. Well all three index futures are higher this morning and clearly being driven higher by the rebound right now seen across the US futures. The FTSE 100 is currently priced to effectively reopen above 8320, but of course the we have the Old Lady of Threadneedle Street (the BOE) yet to decide on interest rates later today. Much could depend on what the BOE has to offer later as to how the FTSE 100 price action shapes ahead of the close. Perhaps the question right now; is will the BOE jump in front of the coming tax hikes in the October 30 budget or not? The other thing to consider here is the potentially politically motivated Fed move last night, acting aggressively, when US inflation remains above target. Of course the higher UK inflation rates reported just yesterday would seem to endorse the odds of no cut from the BOE today. Certainly the odds of that are currently skewed around 80% in favour of no change, but since when did that ever get in front of a non-monetary motivated decision!