Oil at three-year highs, US jobless claims in focus

US stocks are expected to open lower on Thursday as earnings continue to flow in. after the S&P500 closed within a few points of its record high in September, consolidation is likely to follow, leading to the release of weekly jobless claims, the only important economic report for the day.

Oil hits three-year record

Brent crude prices rose above 86 dollars per barrel, hitting three-year highs, driven by tight supplies and a global energy crunch, although investors took profits on signs that the rally may be overdone.

A supply report from the US Energy Information Administration, released on Wednesday, showed crude and fuel inventories tightened, with crude inventories at the Cushing storage hub plunging to a three-year low.

Commodity currencies treat from record highs

Following a rally on strong raw material prices, commodity currencies fell from multi-month highs due to sudden selling against the yen. However, the uptrend for Aussie and Kiwi is intact, and there is no clear sign of reversal, so we can describe it as normal profit-taking after a long rally.

The fall of the Turkish lira

After Turkey's central bank cut the key interest rate for the second time in a row, the lira fell to a record low despite decreasing inflation expectations.

The Turkish lira fell more than 2% against the dollar to 9.4867. Turkey's central bank cut its one-week repo rate by 200 basis points to 16%.

Continued crisis of Chinese property giant

As the dollar consolidated at lower levels in the European session on Thursday, some concerns about China's real estate crisis interrupted the momentum of higher-yielding currencies.

On Wednesday, the Chinese property giant abandoned plans to sell a $2.6 billion stake in one of its critical units.

China Evergrande has been unable to sell one of its key money-making assets to meet its short-term obligations, which pulls a property giant closer to a formal default.

As the developer resumed trading after a three-week break, its stock fell as much as 14% as Hopson Developments pulled out of talks to buy a stake in its property services unit.

Other developers are currently missing full dollar bond payments daily. Despite this, the Chinese yuan remained stable, reflecting confidence in official assurances that systemic risks have been contained.