Spreadex Market Update
FTSE prepares for jobs report/Budget 2016 double feature with tentative oil-inspired gains
Jumping into the spotlight for at least the first half of the day, the FTSE rose around 25 points after the bell, a tentative increase largely thanks to a $39 per barrel-pushing rebound from Brent Crude. Of course there could be plenty of movement in store for the UK index as Wednesday continues; the first hurdle to clear is the latest jobs report. With the unemployment rate forecast to remain at 5.1% wage growth is likely to be in focus this morning, analysts expecting a climb back to 2% from the 9 month low of 1.9% announced in February.
Hot on the heels of those jobs figures is George Osborne’s Budget 2016 (which sounds like a festival for austerity-loving economists). The Chancellor isn’t expected to have much wiggle room this Wednesday, having already signalled that £4 billion in spending cuts need to be found. Any post-budget movements, then, will likely be down to the measures Osborne announces around the fringes of his austere machete, with reports of an increase in insurance premium tax and a potential plan for garden suburbs on the outskirts of cities already causing losses and gains in the insurance and housebuilding sectors earlier in the week.
Remaining resolutely out of focus the Eurozone is nevertheless chugging along with some decent gains this Wednesday morning. The DAX jumped by around 60 points, sticking a pinkie back over the 10000 mark after having fallen away from that level yesterday; the CAC, always the German index’s calmer partner, saw a similarly solid 0.4% increase as the day got underway.
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