Spreadex Market Update

European markets started strong but tail off as US jobs data massively missed targets



European stocks started the day off well, and had highs of 0.94% (FTSE), 1.47% (DAX) and 1.13% (CAC).

However, they are all now trading in the red mainly due to the US jobs data missing expectations.

The initial gains were mainly due to concerns over the Omicron strain easing, as the World Health Organisation (WHO) stated yesterday that although it may be more transmissible, it seems less deadly.

Furthermore, in the UK, the rising oil prices once again lifted the FTSE, pushing BP and Royal Dutch Shell to the top, as the OPEC oil cartel left options open for further changes in production.

Clearly the biggest talking point of the day however is the Nonfarm Payrolls data that came out of the US this afternoon.

Stocks took a massive dip globally, as the figures released of 210,000 were less than half the expected 550,000.

This caused the DOW and S&P to relinquish immediate gains to fall into the red at -0.65%, and -1.35% respectively.

Nevertheless, it must be said that overall, the focus is still on how the government is going to react to the new variant.

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