Spreadex Market Update
Year’s most important non-farm payroll looms whilst European markets remain gloomy
Falling by 100 and 45 points respectively the DAX and CAC, emblematic of the other Eurozone indices, couldn’t shake their Draghi-inspired disappointment this Friday morning. It didn’t help that there was precious little data on offer to distract investors from the gloomy atmosphere, a better than expected German factory orders figure and a limp retail PMI (dropping from 51.3 to 48.5 month-on-month) all that was on offer. Interestingly the ECB seem to be shifting blame onto investors, vice-president Vitor Constancio stating that the central bank was never talking about ‘a new type of QE2’ and that the markets merely had ‘higher expectations than were there’.
The FTSE remained a bit player this morning, its 30 point loss seemingly just following the Eurozone’s lead given that its normal bugbear, the commodity sector, was relatively buoyant this Friday despite no-one really expecting OPEC to cut production during its meeting today in Vienna.
Things are set to hot up this afternoon as the last non-farm payroll of, not only the year, but before December’s potentially decisive FOMC meeting, finally arrives. Interestingly both the dollar and the Dow are already surging this morning; the former, understandably, is excited at the thought of an impending rate rise whilst the latter has arguably jumped 75 points on the hope that the months-long Fed-uncertainty may finally be coming to an end. In terms of the actual figures, analysts are expecting a non-farm employment change of 201k (against that blockbuster 271k last month) alongside a fall in average hourly earnings to 0.2% from 0.4% and a flat unemployment rate of 5%.
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