Spreadex Market Update
Super-charged ISM non-manufacturing PMI leaves Dow adrift of 18000
The ADP non-farm employment change figure came in at an as-forecast 182k, but was joined by a 10k downward revision for last month’s number to 190k; boosted by the news the Dow futures jumped by around 40 points, leaving it one final nudge away from that much-sought after 18000 mark. However, a marginally better than expected Markit final services PMI, and a super-charged ISM non-manufacturing PMI of 59.1 against the 56.6 forecast took the wind out of the Dow’s sails, leaving it rather flat as the open receded into the background and Janet Yellen began her testimony on Capitol Hill.
After spending the morning flirting with posting some minor gains the DAX finally gave into the weight of Volkswagen’s latest blunder, sinking by around 50 points into the red as the day continued. The rest of the Eurozone, on the other hand, remained in good spirits, the CAC especially only another 30 or 40 points away from hitting 5000 for the first time since mid-August.
Whilst not quite robust as its day-highs, a 70 point increase for the FTSE, largely spurred on by its normally disruptive commodity sector, saw it approach the 2 month peak it struck a fortnight ago. Tomorrow will be the biggest day of the week for the UK, especially the pound (which suffered under a dominant dollar this Wednesday); the markets will have to endure the second of the Bank of England’s revamped ‘Super Thursdays’, with the inflation report, official bank rate vote and Carney press conference all arriving at midday.
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