Spreadex Market Update
Markets flat following Thursday’s big ECB rallies
With the Nikkei arriving to the party late, the Japanese index hit 15 year highs come close this morning; however, the Eurozone indices were more tentative after the bell, squeaking into the green but holding off from any renewed rallies for now. This still leaves the DAX at record levels, whilst the euro continues to languish near the 12 year lows it reached post-ECB conference yesterday afternoon. In terms of data, the Eurozone peaked on Thursday leaving a rather quiet Friday on the table.
The FTSE continued its recent trend this morning as it shied away from the levels it grazed last night. After pushing towards its all-time intraday highs after Draghi’s comments the UK index has fallen short this Friday morning with investors lacking the impetus to continue the FTSE’s recovery. However, a swell of positivity from the USA post-non-farm could be the catalyst the FTSE needs to resume its latest run and emphatically put to bed that dismal mid-week performance that wiped out last week’s good work.
If the Eurozone was the focus for most of the week, all eyes are back on the USA with the latest non-farm employment change data likely to be the biggest market mover of the day. The US markets only managed very slight daily gains on Thursday after its jobless claims data rained on the post-ECB parade; however, of late, the non-farm figures have been more than impressive, with revisions especially pushing the number over 300k. Yet rather ominously the job-skewed releases of the week have all disappointed; on top of this, today’s non-farm figure will be scrutinised more than most as it is the first big jobs indicator since Fed chair Yellen’s testimony made it explicit that jobs and wage growth are premier concerns if an interest rate hike is going to happen any time soon. Forecasts are suggesting a slip on last month, yet these same forecasts have been notoriously inconsistent of late so the markets may be flat until the actual figure is released.
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