Spreadex Market Update
FTSE jumps after better than expected services PMI; Dow Jones flat ahead of Fed-focused non-farm jobs report
Of course it helped that its commodity sector, led by BP, was in such robust health,. It seems that investors are relieved that one of the oil giant’s many accusations of misbehaviour has been settled, BP rising 2.5% as the company paid a mere £121 million in relation to charges that its managers lied about the size of the Gulf of Mexico spill.
While not quite as enthusiastic as the FTSE, the Eurozone indices nevertheless pushed forth with a near half a percent rise this Friday despite a fairly dismal morning for data. Although the services PMI rose for the region as a whole there were worrying declines from both Italy (now in contraction territory) and France, joined by a stagnant Eurozone-wide retail sales figure that also saw last month’s consumer activity revised lower to -0.6%.
Unsurprisingly the Dow Jones couldn’t quite join in with Europe’s rebound this Friday morning, the index’s futures resolute in their flatness ahead of this afternoon’s jobs report. With June’s Fed meeting less than a fortnight away today’s non-farm number is arguably the most important since last December; frustratingly, however, this afternoon’s data doesn’t look like it will provide much clarity. Despite expectations of another low non-farm number (at 159k against 160k last month) and a slip in wage growth (to 0.2%) the unemployment rate is forecast to fall back to 4.9%, something that may be enough for the increasingly vocal hawks in the central bank.
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