Spreadex Market Update
US non-farm no fun, whilst all quiet on the Grecian front
That honour went to the USA, and the earlier than normal non-farm figure. At 223k the number was on the lower side of estimates; more importantly last month’s figure was revised down from the muscular 280k to the merely impressive 254k.
These figures aren’t low enough to completely throw out the notion of a rate hike this year; in fact they point to a steady situation in the jobs sector, especially if the fall to 5.3% unemployment is factored in. However, the return to stagnant wage growth and a jump in unemployment claims show that the job (pardon the pun) isn’t completely done. This afternoon’s data left the dollar with little reason to perform one of its patented surges but without much movement from the Dow either.
And what of the Eurozone? As the day went on, the DAX and CAC, emblematic of the rest of the region, slipped away from the morning’s marginal gains into the familiar shade of red that has been such a regular feature of the market landscape in the past month or so. If one was pressed to point to one piece of news that caused the downturn, it would be hard to choose; not because of an abundance of options, but rather the lack of new information released today. Instead, the Eurozone markets appear to be correcting themselves after yesterday’s now almost endearingly optimistic growth, with the growing realisation of the gravity of Sunday’s referendum also playing its part.
Whilst the Eurozone slipped to its limp losses, the FTSE performed a feat that it hasn’t truly managed in weeks; growth independent of the Eurozone. The UK index decoupled itself from the depressing tone on the continent to instead bask in the glow of its own growth, climbing by just shy of a percent as Thursday began to wind down. Strength in its oil stocks, and an impressive construction figure this morning, seem to have caught the attention of investors in a way that hasn’t happened in a long time, allowing some rare independent gains for the UK index.
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