Spreadex Market Update
US markets amble as European indices soar
The latest JOLT jobs opening data came in around 100,000 higher than expected, but failed to spark a significant rally in the US markets. Once again there is an inconsistency in the US jobs data, with this JOLT figure joining the latest unemployment claims number in countering the dismal non-farm figure seen last Friday, further muddying the jobs picture that is so essential to the Federal Reserve’s rate hike debate.
The news that FedEx was buying TNT Express in order to expand its presence in Europe and challenge UPS and DHL, unsurprisingly, was an investor-pleasing move which saw the stock rise by over 3% after open, in the process helping FedEx recover some of the ground it lost over March.
Further strength for copper, and a steady $58 per barrel price for Brent Crude, kept the commodity-based party alive for the FTSE, with oil and mining stocks dominating Tuesday’s big winners. This pushed the FTSE back to levels not seen in over a week and well on its way to 7000. Despite a few wobbles here and there, the UK election campaign hasn’t yet wrought the same amount of uncertainty for the FTSE as it has begun to do for the pound. In fact, even sterling has dealt with the election run-in admirably well so far, engaging in a tug of war with the dollar instead of capitulating in the way it did at the start of March.
The Eurozone didn’t slow down its Tuesday growth after the American open, pushing on with its gains despite Tsipras’ looming visit to Russia. It will be interesting to see tomorrow how thick and fast the rumours of Russian financial aid come as Tsipras meets with Putin in a move that seems purely designed to irritate the Eurozone elite. The Greece situation remains unclear, with it increasingly looking like the April 9th deadline that Athens claimed would see them fund-less is a bluff, a failed bluff at that given the lack of movement on behalf of the country’s creditors. Varoufakis has claimed that the IMF is 'flexible' over Greek reforms, implicitly placing more of the blame on the Germans; for Germany’s part, the economy minister claimed the country wants to help Greece but fails to see what more it could do.
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