Spreadex Market Update
Jobs figures help Dow Jones to strong open, whilst post-Eurogroup enthusiasm begins to wane in Europe
Continuing to make do with a selection of B-tier data the Dow Jones was nevertheless lifted by Tuesday’s improved JOLTS job openings figures, especially following last Friday’s non-farm disappointment. The number hit its best level since the financial crisis at 5.76 million, surpassing both expected 5.55 million and the last month’s upwards-revised 5.61 million. This helped push the Dow to a 160 point rise after the bell, the index crossing the 17850 mark for the first time in a week.
The Eurozone saw the biggest drop off this Tuesday, the CAC shedding two thirds of its morning growth whilst the DAX lost around half. Yet the indices remain up by 0.5% and 0.6% apiece, that jump crucially leaving the German bourse above the 10000 mark.
Despite a tumbling housebuilding sector, the sustained rebound from its commodity stocks and the post-easyJet update growth seen in the travel sector helped the FTSE hold onto around a 0.7% rise this Tuesday. After two days in the shadows the UK index will jump back into the spotlight tomorrow morning, as the latest manufacturing and industrial production figures are released. The former is expected to increase to 0.4% from -1.1% last month, whilst the latter is forecast to see a similar improvement from -0.3% to 0.7%. If accurate those manufacturing and industrial figures they could help ease the fears that arose from last week’s dismal UK PMIs and ensure a continued commodity recovery.
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