Spreadex Market Update
FTSE climbs back to 6600 following strong, if imperfect, US non-farm jobs report
The headline payrolls figure far surpassed expectations, coming in at 287k against the 172k forecast, the best showing since last October. There were still niggles, however. May’s already dismal 38k was revised down to a staggeringly low 11k, while the unemployment rate jumped back up to 4.9% and wage growth slipped from 0.2% to 0.1% month-on-month.
For a Federal Reserve freshly hampered by the Brexit referendum June’s non-farm figures likely provided some comfort, though not the kind that will be bringing about a rate-hike this summer. The Dow Jones, previously teasing a 0.2% rise after the bell, surged forth by 1%, crossing 18000 and hitting highs not seen since the end of April in the process. The dollar, meanwhile, couldn’t find as much to cheer about, allowing cable to continue its near half a percent comeback as the day progressed.
Over in Europe this post-non-farm performance from the US markets caused a huge swell in positive sentiment. The DAX and CAC romped ahead as the day’s best performing indices, up 2.1% and 1.7% respectively. The FTSE, meanwhile, pulled off the biggest comeback this Friday; having flirted with mild losses throughout the morning the UK index rose by 50 points, putting it back at in the 6600 territory it swiftly abandoned on Tuesday.
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