Spreadex Market Update
Quiet, if negative, Friday morning as investors await US non-farm figures
The lack of genuine volatility, something that likely would have been more apparent if the state of the IMF repayment was still unclear, had initially helped the markets post only steady losses as the day went on. However, news that Tsipras is set to talk to Putin at some point during the day (another middle finger to its creditors), alongside more bearish comments from Jeroen Dijsselbloem further frazzled investors’ nerves over Greece, and contributed to the sudden slide just before lunchtime.
The FTSE had a similarly miserable morning to the Eurozone, with its losses widening on a combination of Greek jitters and worries over the outcome of today’s OPEC meeting, where the oil cabal is likely to announce it will maintain its current output in order to battle the USA’s growing shale companies.
The US futures were fairly negative this morning, as investors waited patiently for the latest government released non-farm figure. Analysts are expecting another number in the low 220,000s, a disappointing trend give how strong this figure was towards the end of 2014 and the start of 2015. With the unemployment rate and wage growth figures arriving at the same time, investors will be keen to see whether the current US figures lend credence to the very dovish statement released by the IMF yesterday afternoon, or whether there is any sign of improvement after a dismal first quarter for US data. Oddly the IMF statement wasn’t the Dow booster one would expect it to be in the current dollar-fearing trading atmosphere as the Greek smog overwhelmed everything else, so it will be interesting to see whether a weak non-farm figure will bolster the Dow Jones in the way bad US data has been doing of late.
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