Spreadex Market Update
FTSE loses some of post-BoE rate cut steam; US non-farm jobs report still to come
That still leaves the FTSE at 6750, though it suggests that the index had already substantially priced in the decisions made by the MPC during yesterday’s meeting (though it is also contending with the 5% plunge from RBS). The same logic applies to the pound, which rose 0.3% and 0.2% against the dollar and euro respectively thanks to the relative lack of surprise contained in the Bank of England’s latest stimulus package.
Like the FTSE the Eurozone indices saw their gains cool as the day went on, the DAX rising a mere 0.3% (hampered by the morning’s weak German factory orders reading) with the CAC the session’s best performer with a 0.7% climb.
The meat of the day, however, is still to come, with the latest non-farm jobs report set to arrive this afternoon. A lack of Fed meeting in August does somewhat limit the importance of today’s figures, though the relative non-dovishness of the last FOMC statement means it could still spark some movement after the bell rings on Wall Street. Analysts are expecting the headline non-farm employment change number to drop by more than 100k month-on-month to 180k, though that slide may be countered by an improvement in wage growth (back up to 0.2%) and a reduction in the unemployment rate (down to 4.8%).
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