Spreadex Market Update
Pound pushes on following UK jobs report; US futures flat ahead of Q3 bank sector releases
Wage growth saw a 3% increase, splitting the difference between the 3.1% expected and the 2.9% seen last month; the unemployment rate, meanwhile, was a pleasant surprise, dropping to a 7 year low of 5.4% compared to the forecast 5.5%. Yet, despite this impressive unemployment figure, there was then a peculiar 3 year high rise in jobless claims, increasing by 4.6k compared to the 2.3k drop expected. Regardless, the news gave a serious steroid injection to the pound, which surged against the dollar and the euro as analysts began to speculate (rather predictably) about whether these jobs figures bring forward a UK rate hike to early in the New Year.
The FTSE, however, was still down around 40 points as the majority of its oil and mining stocks remained stubborn in their losses. The situation was similar in the Eurozone, with the DAX still below 10000, despite shrinking its decline to around 80 points, following a miss in the region-wide industrial production figure.
With JPMorgan missing profit expectations last night, seeing earnings per share at $1.32 against the $1.37 expected alongside a 6.4% fall in revenue, investors are understandably nervy ahead of today’s second wave of Q3 banking sector releases, comprised of Wells Fargo, Bank of America and BlackRock. Said nerves have left the US futures flat ahead of the bell, but with the chance of change dependant on this afternoon’s pre-open retail sales and PPI figures.
It's easy to open an account
- Fill in our simple online application form
- Fund your account
- Start trading the global markets instantly!
SEARCH FOR AN ARTICLE:
Enter a keyword and search for all relevant articlesMARKET ANALYSIS
RECENT POSTS
DISCLAIMER
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 64% of retail investors lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money. For professional clients, spread betting and CFD trading can also result in losses larger than your initial stake or deposit.
Spreadex Ltd is authorised and regulated by the Financial Conduct Authority, provides an execution only service and does not provide advice in any way. Nothing within this update should be deemed to constitute the provision of investment advice, recommendations, any other professional advice in any way, or a record of our trading prices. This update does not constitute or form part of an offer of, or solicitation for a transaction in any financial instrument, nor shall it or the fact of its distribution form the basis of, or be relied on in connection with, any contract therefore. Any persons placing trades based on their interpretation of the comments or information within this update does so entirely at their own risk.
No representation, warranty, or undertaking, express or limited, is given as to the accuracy or completeness of the information or opinions contained within this update by Spreadex Ltd or any of its employees and no liability is accepted by such persons for the accuracy or completeness of any such information or opinions. As such, no reliance may be placed for any purpose on the information and opinions contained within this update.
The information contained within this update is the intellectual property of Spreadex Ltd and is protected by UK and International copyright laws. All rights reserved. Users may however freely download, distribute and reproduce extracts of the contents, subject always to accrediting Spreadex Ltd as the source and providing a hyperlink to www.spreadex.com.
