Spreadex Market Update
European indices begin to flag ahead of non-farm Friday US session
An increasing sea of red in its oil and mining stocks is threatening the FTSE’s rebound this Friday; after hitting a 60 point high the UK index has settled into a mere 15 point rise, the majority of its commodity sector now firmly in negative territory, falling as Brent Crude gave up most of its early gains. A shrinking, if very, very slightly wider than expected, trade deficit number helped the FTSE counter its collapsing commodity stocks, yet that figure doesn’t have the pull to keep the index in the green if the oil and mining giants continue to slide.
The Eurozone continued its mixed morning, the DAX far outperforming the CAC, the German index rising 15 points with its French counterpart sporadically dipping its toes into the red. However, for both that marks a drop off from their earlier highs, suggesting that investors’ early confidence might be beginning to flag.
Yet the US open is just around the corner, and with the Dow Jones looking at a 120 point jump when the bell rings on Wall Street the European indices might just be rescued from their increasingly limp trading. Of course in all of the Chinese chaos this week it has almost passed by unremarked that today is a non-farm Friday; and whilst the latest jobs report may not carry the weight of tis pre-rate hike predecessors, it is nevertheless the most anticipated release on the monthly data-calendar. Analysts are expecting the headline figure to come in at 203k against last month’s 211k, though that might be higher given how strong the ADP number was earlier in the week. Wage growth and the unemployment rate, meanwhile, are expected to remain at 0.2% and 5.0% respectively.
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