Spreadex Market Update
FTSE creeps higher ahead of latest UK jobs report
The undoubted focus this morning will be on the UK jobs report. While the wage growth and unemployment rate readings are for May (limiting their use in terms of assessing the impact of the Brexit), the claimant count change number is from June, with the forecasts reflecting a distinct divide between the 2 months. The unemployment rate is expected to remain unchanged at 5.0% with the average earnings index estimate set to rise from 2.0% to 2.3, its best reading since the figures for October released at the end of 2015. The amount of people claiming unemployment-related benefits, however, is expected to see a sharp increase from May to June, jumping to 4.1k for the latter against the 0.4k drop seen in the former.
The FTSE doesn’t seem to be too excited at the prospect of all this, the UK index creeping up by 15 points; that does, however, leave it at 6715, only around 30 points away from the 11 month high struck last Thursday. As for the pound, well, the currency hasn’t shown any sign of recovering yesterday’s post-inflation reading losses just yet, remaining below $1.31 against the dollar and at the lower end of €1.19 against the euro.
Over in the Eurozone the indices were in a similar position to the FTSE; relatively perky but not particularly enthused with a 0.2% to 0.3% rise from the DAX and CAC. Both the German and French indices took something of a knock on Tuesday following the woeful ZEW economic sentiment figures, so they have a bit of room to bounce back this Wednesday without really testing their post-Brexit peaks.
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