Spreadex Market Update
European markets resume rebound despite oil slide, with UK jobs report still to come
Despite Brent Crude (which, remember, had reached the $35.50s yesterday morning) hovering dangerously near the $32 per barrel mark the FTSE has managed a decent start this Wednesday, rising by around 30-40 points to encroach on the 5900 mark. The UK is in focus this morning, the latest jobs report set to test investors’ willingness to buy based on data rather than the macro-trends that have defined 2016.
Average wage growth is set to continue its slide, analysts forecasting 1.9% against the 2.0% seen last month (and the 3.2% announced in November); the claimant count change, meanwhile, is expected at -2.9k against the 4.3k revealed in January. Slightly more positive is the unemployment rate, analysts forecasting 5.0%, the lowest since Q2 2008. It will be interesting to see what narrative investors latch onto, the tumbling wage growth (and the implications this has for the near-mythic Bank of England rate rise) or the steady progression of the falling unemployment rate.
The Eurozone indices, which suffered under Tuesday’s 16 month low ZEW economic sentiment figures, have undergone a notable rebound in the early hours of trading, the DAX and CAC jumping by 65 and 20 points respectively. A lack of region-specific data means the Eurozone indices will be following developments elsewhere, namely the FTSE’s post-jobs report movements and the continued health of Brent Crude.
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