Spreadex Market Update
Disappointing open from European markets as investors get a case of pre-non-farm jitters
Pre-non-farm jitters appear to be contributing to an overall bearish tone this Friday, especially with estimates suggesting that today’s number will put an end to the consecutive 4 month decline seen in the unemployment change figure. However, it must be said, analysts have be wrong in their forecasts for each of those 4 months, so nothing is set in stone just yet.
Once again struggling to break 6400, the FTSE started Friday effectively flat, investors unwilling to dabble with an index that can so swiftly be dragged into the red by its volatile commodity sector. Out of all the non-non-farm data to be released today the UK arguably has the most important; after Monday’s impressive manufacturing PMI was treated with scepticism investors will get another look at the sector this morning as the UK’s industrial and manufacturing production figures are released. Both are expected to fall from last month’s recent highs, something that could spur the oil and mining stocks, already flirting with an end of week decline, to widen their losses.
Having already seen their key figures for this morning, the Eurozone indices soon slipped into the red after the bell. The latest in an increasing line of weak German data saw the DAX fall by around 45 points; a big miss in its own industrial production figure, coming in at -1.1% against the 0.6% forecast, followed Thursday’s factory orders slump, helping take the index away from the 11000 it was within reach of yesterday. The CAC, meanwhile, couldn’t remain at 5000 for long, with a last minute dip last night and a further 40 point fall this morning (inspired by a widening French trade balance deficit) leaving it adrift of its landmark level.
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