Spreadex Market Update
European markets buoyant once again, non-farm jobs report could spoil the party
Whilst this afternoon’s US non-farm jobs report is undoubtedly the focus this Friday, there is a sprinkling of UK data to get investors through the morning. The FTSE will grapple with the latest UK construction PMI, expected to see a slight increase month on month from 57.3 to 57.5, and is already up by around 80 points despite only a mildly positive morning from its commodity stocks. Healthy gains from the UK banking stocks, lifted by the prospect of one of their many scandals coming to an end if the FCA can agree on a cut-off deadline for PPI mis-selling claims, appeared to boost the FTSE. FirstGroup lent its own helping hand, jumping nearly 2% (and re-crossing the £1 mark in the process) as it announced a £7 million overhaul of its bus division with the aim of compensating for its franchise-haemorrhaging rail division.
The Eurozone indices were just as buoyant as the FTSE this morning, with the DAX and CAC hitting 100 and 50 point increases respectively. The German index’s gains would likely be larger if it wasn’t for the latest decline by Volkswagen, with the car giant hurt by the news that it has suspended the sale of 4000 vehicles in the UK.
Now all the markets have to do is hold onto these gains, something they couldn’t manage yesterday and something that has the added obstacle of a non-farm jobs report that could see a big shift in sentiment dependent on its strength.
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