Spreadex Market Update
A good set of numbers from RBS dominated the analysis in early trading
A good set of numbers from RBS dominated the analysis in early trading. The bank's first quarter revenues and operating profits were both ahead of views along with a positive update on the ‘bad bank’. The stock was trading up as much as 12% this morning. RBS aside, Intercontinental Hotels also got off to a positive start to trading after the market reacted well to its change in tone on potential future asset disposals. This has seen the stock trading 10% higher on the previous night's close.
As ever on the first Friday of the month the market is focussed on America and the jobs figure due early afternoon. 210k jobs are expected to be added and as always the market will watch the figure closely along with any revisions of previous figures. The quiet market conditions this morning - FTSE up 6 and Dow futures up 14 - are often seen as the calm before the non-farm storm.
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