Company Interview / the open: ASX to open lower, gold slips

The local market is set to open modestly lower, with the market likely searching for direction with US markets closed for the Thanksgiving holiday. Futures are indicating a 33 point drop at the open. 

Sentiment remains upbeat on this week's key theme, which is bets the US Fed will cut rates next month. This week, the Nasdaq was up 4.1%, the S&P 500 increased by 3.1% and the Dow Jones put on 2.5%. Overnight, European stocks edged up but activity was subdued with Americans enjoying the holiday. 

JP Morgan's London build commitments comes as the UK continues to digest the country's latest budget. The budget plans to raise taxes by 26 billion pounds. Elsewhere in Europe, an ECB policymaker said it was too early for the central bank to discuss another rate cut with inflation still a key concern. 

Gold slipped from a near two week high, gold futures were down 0.2% to $4,134.30 per ounce. Meanwhile the US dollar index was unchanged on the day in holiday-thinned trade.