Spreadex Market Update
August shuffles to close as ADP non-farm fails to provide much insight into US economy
The afternoon’s main piece of data, the ADP non-farm employment change figure, failed to provide investors with much guidance for either Friday’s government-released number or the likely timeline of a Fed rate hike. Coming in at 177k the reading was a tad higher than the 174k expected, but a fair bit lower than the upward-revised 194k from last month. As shown by that revision it is difficult to use the ADP figure as an accurate gauge for the actual non-farm jobs report, with it usually failing to pre-emptively reflect the kind of swings seen in the Friday-favourite. All-in-all, then, it was hardly a surprise that the Dow Jones didn’t do much after the bell, the US index slipping by a mere 0.1%.
Over in Europe there was precious little change from the morning’s positions; the FTSE was the most consistent, maintaining a 20 point drop since the session began, while the DAX slipped by 0.2% and the CAC rose by the same amount.
With September kicking-off tomorrow, and the summer-lull ostensibly (if not quite) coming to a close, there should be a bit more excitement on the cards. Most of the action will surround August’s manufacturing PMIs, especially the UK’s survey, which will be combed for any insight in the trials and tribulations of post-Brexit Britain.
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