Spreadex Market Update
FTSE recovers some lost ground while pound struggles to build on gains ahead of UK construction PMI
With most of the focus on the US non-farm jobs report this afternoon there isn’t much for investors to deal with this morning. Nevertheless one would imagine that considering that shock boost to manufacturing in August the markets will be interested to see whether or not the UK construction sector has seen a similar recovery. Analysts are forecasting the PMI to climb to 46.6 from July’s pitiful 45.9, though expectations may have shifted slightly in the aftermath of yesterday’s data.
Any positive surprise to the construction PMI will likely benefit the pound more than the FTSE, even if sterling used up quite a lot of its market goodwill yesterday. Currently the currency is struggling to build on Thursday’s growth, sitting flat at 1.325 and 1.185 against the dollar and the euro respectively.
The Eurozone indices have even less to handle this morning than their UK peer, the only figure of not being the Spanish unemployment change reading (which was slightly less bad than forecast). This hasn’t stopped the DAX and, especially, the CAC from posting some early gains, however, the former rising by 0.2% while the latter surged 0.7%.
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