Financial Markets Move Lower Ahead of US Non Farm Data
Financial Market Comments from Anthony Grech, Market Strategist, IG Index.
The FTSE may have found some support in early trading, but this has shown itself to be short-lived.
Banking stocks are struggling in light of that report from the National Audit Office spelling out the cost of bailing out the sector.
Although, miners are managing to outperform the index even though Gold prices are edging a little lower.
With little economic or corporate data being released this morning it’s now becoming something of a waiting game as traders look towards the US non-farm payrolls. These are due for release early in the afternoon session.
Wall Street sold off ahead of last night’s close amid concern that this number could disappoint.
Therefore, arguably if we do see anything much worse than the forecast 120,000 decline another bout of selling could be seen on both sides of the Atlantic before the weekend break.
With equities having recovered well off last week’s lows, there’s certainly scope to see another bout of profit taking in the short-term.
However, the lead here is more than likely to come from New York and at present we’re looking at the Dow opening around 15 points higher.
Good Luck!
DB
The above comments do not constitute investment advice Clean Financial accepts no responsibility for any use that may be made of them.
Content provided by IG Index which is Authorised and regulated by the Financial Services Authority. FSA Register number 114059.
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