Spreadex Market Update
A blistering non-farm payrolls number
If momentum wasn’t enough to get the Dow Jones Industrial Average trading above 17,000 for the first time, a blistering non-farm payrolls number would do instead. The world’s largest economy added 288,000 jobs in the last period, marking a significant rerating to the 213,000 expected. And while a lot of the good news, perhaps anticipated in part by the strong ADP number, has been priced in, the market is happy to cycle risk up at these levels. The Dow trades at 17,040.
On the London equity market it’s a similar story. Leading the FTSE 350 today are Ocado Group, Man Group and Sports Direct, all up by more than 5 percent on yesterday’s close. Balfour Beatty, however, sits at the bottom of the list, losing 6 percent today on a profit warning. The FTSE 100 underperforms the Xetra Dax marginally, but is still up by more than 35 points, trading at 6,854.
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