Spreadex Market Update
FTSE comes off recent highs
Sentiment was also hurt ahead of non-farm payroll data due out on Friday by concerns about the U.S. economy a key market for Britain's heavyweight exporters -- after data showed an unexpected contraction in fourth quarter gross domestic product and the U.S. Federal Reserve acknowledged that economic activity had stalled.
We had a wealth of economic data from the U.S. at 1:30 today which on the face of it would seem to have pleased those anticipating bearish market movements. However as we are becoming accustomed to in this recent climate, the Wall Street Futures have not reacted in a manner expected and are in fact trading slightly higher than before the figures were released.
Whilst Initial Jobless Claims in the U.S. were higher than expected (368,000) and the latest GDP figures showed contraction, analysts fully expect GDP growth to rebound around 2% in the first quarter. This expansion has been credited to a mounting housing recovery, a steadily improving job market and reviving demand for U.S. exports.
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