Spreadex Market Update
FTSE slips back from 2016 peak ahead of latest UK jobs report
Having closed a smidge over the 6400 (marking an explosive few trading days of growth following the maddeningly lateral movements of the previous 6 weeks) the FTSE couldn’t quite maintain that high as Wednesday got underway, slipping by around 25 points after the bell. With Brent Crude falling by 2%, and threatening to tuck under $43 per barrel after having surged past $44 yesterday, the UK commodity stocks were, as usual, the main weight on the FTSE, the likes of Anglo American (which is, admittedly, at an 8ish month high) putting some downward pressure on the index.
That could all change, however, following the UK jobs report later this morning; then again, it may not, with both the unemployment rate and the wage growth figures expected to remain unchanged at 5.1% and 2.1% respectively. If those estimates are accurate that would be the fourth unchanged month in a row for the unemployment rate, the steady August to January month-on-month decline stalling at the start of the year.
Things were similar in the Eurozone, the DAX and CAC both slipping by 0.4%. Like the FTSE, however, this still leaves both indices near(ish) 2016 highs, though with little on the economic calendar until tomorrow’s ECB press conference the region may struggle to find any positive momentum as Wednesday continues.
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