Spreadex Market Update
Little movement as investors wait for non-farm
The Eurozone indices continued their marginal growth as the day went on, with news sparse on the ground. With Greece managing the shocking feat of actually making a loan repayment to the IMF, attention in the region slowly turned to the Eurogroup meeting on Monday. This is likely to be dominated by more Greek reform discussions, and the news that Varoufakis and co. failed to get the latest reforms list to the Wednesday ‘working group’ meeting, the place where the number-crunching leg work actually gets done ahead of the full-blown Eurogroup meet-up, highlights once again the shaky relationships at the core of this precarious issue.
The FTSE struggled to do much of anything this morning, remaining flat for most of the day with the odd dip to the down side. Thomas Cook Group continued to be the big winner on Friday following the news that Fosun, a Chinese investment firm, bought a 5% stake in the holidaymaker. However, the impressive gains seen by Thomas Cook couldn’t break through the negative cloud that contains Just Retirement, Greggs and Acacia Mining, leaving the FTSE at a loss for any real agency at the end of the week.
It was a similar situation in the US futures, with investors unwilling to take any risks before the all-important non-farm figures are announced. The analyst consensus at the moment is that there will be roughly a 235-240k change in employment, a slip on last month’s figure but still steady gains. Careful consideration will be given to last month’s figure as well; of late there have been some huge upward revisions for the previous month’s data, and can act as a cushion to the blow of a weaker than expected figure for the present month.
Finally, gold continues to have a dismal week. It is currently on track for 5 days of consecutive losses as the US dollar ate into whatever marginal gains the metal had made last week. The euro plunge on yesterday merely added to the dollar’s strength, and on Thursday caused gold to close below $1200 for the first time in weeks.
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