Spreadex Market Update
US futures started their session on a positive footing
European stocks held onto early gains whilst US futures started their session on a positive footing. European markets soon shrugged of worse than expected manufacturing data on views of last night’s Fed minutes which publicised no shock announcements. This afternoon US jobless claims in the US declined more than forecast, helping positivity. 14,000 fewer Americans applied for unemployment benefits last week, bringing the total figure to 298,000 for the week.
British retail sales grew in July at the slowest annual rate since November last year. An initial growth estimate of 0.4% was not achieved over the last month, adding to signs that Britain’s consumer-led recovery might be starting to slow. After the data, Sterling dipped slightly against the dollar but soon recovered to pre-data levels.
Gold dropped by over $17 of its value, falling to a two month low on speculation of higher US interest rates which helping strengthen the dollar.
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