Spreadex Market Update
FTSE continues to rise despite UK saying ta-ta to Tata Steel; US ADP non-farm figures still to come
After a pre- and post-Easter performance that left a lot to be desired the FTSE has surged by nearly 2% to once again caress the 6200 mark. It is the latest development in a month-long piece of market fore-play that has seen the UK index repeatedly try and fail to seal the deal in regards to a sustained rally above its flaccid year-peak, a stark contrast to the Dow’s astonishing, if arguably unsubstantiated, 2016 recovery. At least for now the commodity sector is supporting the FTSE’s most recent foray into post-6200 territory, Anglo American leading the charge with a 10% push (the miner having more than doubled its value from its early January lows).
Matching the FTSE step for step was the DAX, the German index rising by 170 points to re-approach its own 2 and a half month highs. Even the CAC, which started the day trailing its European peers by some way, has managed to turn things around, the French bourse now up by nearly 2%.
Slightly less enthusiastic than its European peers, the Dow Jones is nevertheless promising a 100 point push at the open, seeing the US index near 17800 for the first time since the middle of December. The US also sees the day’s only real piece of data (well, bar the crude oil inventories number), the latest ADP non-farm employment change figure (expected at 195k against last month’s 214k) set to give investors a sneak peek into the country’s jobs situation ahead of Friday’s bumper start to April. Following Yellen’s dovish comments on Tuesday afternoon’s the week’s non-farm figures have only increased in significance (if that is possible for the market’s favourite metric), investors arguably looking for more evidence to back up the Fed chair’s rate hike reticence.
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