Spreadex Market Update
Pound gains on dollar as UK unemployment hits 7 year low
A slight miss in the average wage index, coming in at a still strong (if stagnant) 3.0% instead of the 6 year high-matching 3.2% analysts were looking for, and a larger than expected increase in the claimant count change (which, at 3.3k, was still lower than last month’s 4.6k) were both effectively blown out of the water by a 5.3%, 7 year low for the UK’s unemployment rate. The main benefactor from this jubilant jobs report was the pound, which jumped half a percent against the dollar in the aftermath; though, admittedly, sterling still remains a way away from recouping its inflation report/non-farm inspired losses from last week.
The FTSE, meanwhile, may have fallen away from its post-jobs report peak as its oil stocks began to tumble into the red, but a respectable performance from its normally pesky mining sector, continued gains for the investor-reassuring TalkTalk, and news that SABMiller and AB InBev have agreed the terms of their £71 billion tie-up meant the UK index could maintain a 30 point climb.
The DAX and CAC continued their own impressive morning, rising 85 and 25 points respectively with a speech from ol’ golden tonsils himself Mario Draghi still to come. The Dow futures looked similarly lively, with the index looking at a 35 point increase at the open. However, the US has little to offer this afternoon, with investors likely enjoying their Veterans Day off.
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