Spreadex Market Update
Unemployment data better than forecast
The major news in UK markets this morning was unemployment data being announced at 7.1%, 0.2% better than forecast and closing in on the forward guidance target of 7%; leading investors to speculate that a hike in interest rates may be approaching. The decline in unemployment by 167,000 is the largest decline since 1997 and at 7.1% unemployment is at its lowest level since 2009. After opening up for the day, UK markets reacted negatively to the figure with speculators driving the market into decline for the day. Expect further volatility for the rest of the week as investors look to position themselves and adapt to the better than expected numbers.
US futures are slightly down on the day as earnings season continues with Coach and IBM the latest to disappoint investors sliding 5.8% and 3.4% respectively. Blackberry’s decision to sell off most of its assets in Canada to raise cash saw its stock rise 2.7%, a welcome site after a year of struggles.
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