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European stocks set to rebound after Bank of England placates markets

European stocks are heading for a higher open on Thursday after the Bank of England said it would purchase bonds in an effort to steady its financial markets and the cratering British pound.

Sterling has stooped to record lows against the U.S. dollar in recent days.

Global markets saw another volatile trading day on Wednesday, with stocks trading sharply lower as global markets sold off on economic concerns surrounding inflation and the growth outlook.

Market turmoil continued to hit the U.K., prompting the Bank of England to suspend the planned start of its gilt selling next week and begin temporarily buying long-dated bonds in order to calm the market chaos unleashed by the new government’s so-called “mini-budget.”

That move calmed markets in the U.S. yesterday, and that, in turn, pacified indices in Asia-Pacific overnight. U.S. stock futures inched lower in overnight trading Wednesday.

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