Dow Jones Futures Rise as Investors Await US Non-Farm Payrolls Figure

Dow Jones Futures Rise as Investors Await US Non-Farm Payrolls Figure

Today's update see » Financial Markets.

Spread Betting 31 July 2012

Judging by the CBI’s poor retail sales numbers, and consumer confidence data that continues to show a beaten up and depressed British consumer, things could not look more gloomy for the UK and Eurozone.

With all that the government is attempting to throw at the problem of boosting the UK economy it is falling woefully short of what is needed to get us out of the doldrums.

For the consumer, a diabolical few months of poor weather has turned just about everything into a damp squib. Not even the Diamond Jubilee has been enough to tempt us into the shops and feel better about things.

The Gfk consumer confidence data out in the early hours of this morning has put the figure in the -29 to -31 range for seven months now. Following the recent GDP data, which confirmed a triple dip recession for the UK, this is unlikely to improve things.

There might be an uplift from the Olympics but don’t hold your breath. A few weeks of sporting activity is hardly the tonic required to sort out our long term economic woes.

On the continent things aren’t looking much better either. Confidence and sentiment are being eroded by the dire state of affairs in the periphery which continue to be pressured into austerity measure after austerity measure.

Yes, the markets are getting excited about the prospects of fresh stimulus. There is a lot of action behind the scenes as treasury secretaries meet with central bank presidents and governors. At the same time we have political leaders saying all the right things. However, the trickle down to confidence and ‘the man on the street’ will not materialise for months and at least until the Eurozone crisis has been properly resolved.

A lot is expected of the ECB this Thursday. Whilst action may not be forthcoming at this meeting investors are desperate to hear more from Mario Draghi to back up his comments from last week.

The Dow Jones market edged slightly higher yesterday to 13,128 but pulled back to close at 13,073. Investors remain, to some degree, realistic about the prospects of more QE this week.

As well as the central bank decisions tomorrow, and on Thursday, there’s the US non farm payrolls figure on Friday. Investors are awaiting extra clues as to the health of the US economy. A bad NFP number is likely to attract buyers back in as they’ll feel it is yet another confirmation that action from the Fed is needed more urgently.

This morning, European indices like the DAX are a little lower-to-flat on the open as the bulls just take stock of the recent gains.

Financial Spreads clients have been coming into sell around the 5700 level. This is not a surprise as we’ve seen the index fail at the resistance around 5700-15 on several occasions over the past few weeks. At the time of writing the FTSE stands at 5690.

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'Dow Jones Futures Rise as Investors Await US Non-Farm Payrolls Figure' edited by SD, updated 31-Jul-12

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