Europe firm as US futures near record Wednesday 08:00 GMT. The FTSE Eurofirst 300 is up 0.2 per cent to a two-month high as US futures hold record levels on optimism over the US economy amid ongoing support from central banks. Oil is languishing near its cheapest in four years ahead of the Opec meeting on Thursday, while gold is off just $1 at $1,200 an ounce. The dollar is retreating from a recent four year peak as Treasury yields nudge lower. Trading is likely to be thinned later in the session as US dealers prepare for the Thanksgiving holiday. Wall Street will be shut on Thursday and will be open for half a day on Friday. But it looks like US investors will go into their break in upbeat mood. Index futures suggest the S&P 500 will start the New York session with a 3 point gain to 2,070, which if held will represent a new closing record. Bullish sentiment has been supported by a well-received third-quarter earnings season and evidence that growth in the world's biggest economy is recovering some pace. Data released on Tuesday showed GDP expanded by a better than expected 3.9 per cent annualised in the three months to end of September. Thursday's US break means a number of economic data points are brought forward, creating a session rich with potential market catalysts. These include; weekly initial jobless claims; October durable goods orders; and October new home sales. Falling energy prices are believed to be providing a tailwind for US consumers, and indeed in other countries not dependent on oil exports, so all eyes will be on Vienna over the next few days, where Opec is meeting. Brent crude is down 2 cents to $78.31, less than a buck above its cheapest since October 2010 as traders bet the oil cartel will struggle to agree, and cement, a meaningful production cut. Another factor that has been supporting the US and developed economy stock markets are hopes that the Federal Reserve is in no hurry to raise interest rates and its eurozone and Japanese peers are minded to add further stimulus. The European Central Bank will hold a policy strategy meeting next Thursday, with some in the market already speculating it might reveal additional easing measures to tackle meek growth and disinflationary pressures in the bloc. As a result the euro is down 7 pips to $1.2467, less than 1 per cent above a two-year trough, as German 10-year Bund yields slip 1 basis point to 0.75 per cent, only a few basis points above their most meagre payout on record. The paltry yield available in Europe - even some "peripheral" borrowing costs are at record lows - is encouraging investors to seek alternative, and this has been forcing US Treasury prices higher, despite the better US data of late. The 10-year Treasury yield, which moves inversely to the price, is down 1bp to 2.26 per cent, its lowest in for weeks. The dwindling yield available on US assets may be contributing to a stall in the dollar's recent rally. The dollar index, which on Monday hit a four year intraday high of 88.44, is a touch softer on the day at 87.90. Part of the reasons for the greenback's pause are signs of stabilisation in the yen, which this month had fallen to a 7 year low of Y118.96 per buck in response to a huge monetary stimulus from the Bank of Japan. The yen is up 0.2 per cent on Wednesday to Y117.72 and this likely contributed to a 0.1 per cent dip for the exporter-sensitive Tokyo stockmarket, where the Nikkei 225 lost 0.1 per cent. In China, the Shanghai Composite jumped 1.5 per cent to the three-year high it reached on Tuesday. Mainland stocks have been in demand since the People's Bank of China delivered a surprise cut to benchmark interest rates on Friday, spurring talk of further policy loosening from Beijing. "We foresee two more cuts in China's benchmark lending rates by the middle of next year," said Mark Williams at Capital Economics. Mortgage rates are likely to fall. Just as important for property sales could be the impression the government is now giving of taking a more activist policy stance.