Spreadex Market Update
Wednesday, May 06, 2015 - Afternoon Market Update
FTSE still limp despite services boost, US awaits ADP non-farm, Tesla in focus
Pre-game nerves have clearly hit the FTSE with investors having no way to ignore the looming election tomorrow. This meant that strong performances from the FTSE’s commodity stocks, alongside robust gains for Supergroup
, up over 7% after the clothing company beat analysts’ expectation and reaffirmed its full year targets, and Weatherspoons, which was up over 4% despite a slowdown in sales growth, couldn’t help elevate the UK index. Elsewhere, Sainsbury’s
decline began to widen as the day went on, falling by nearly 3% after this morning’s first loss in a decade as investors gradually decided that living well for less currently isn’t working for the orange supermarket.
With the Dow Jones dipping below 18000 once again last night, the US futures are looking slightly healthier this morning ahead of a busy afternoon of data. The main focus will be on the ADP non-farm productivity figure, an indicator of Friday’s all important government released non-farm number, as the jobs sector continues to be a key cog in the Federal Reserve’s rate-hike deciding machine. The usual messiness is likely to occur after the figure is released in regards to the behaviour of the dollar and the Dow, with investors alternately pleased by a hike-delaying figure and dismayed by the realities of the weak jobs data.
The eccentric Elon Musk’s Tesla Motors is the big earning release of the afternoon, revealing its first quarter results after the bell. Tesla disappointed with its full year results back in February, but the signs are currently positive for its release later today. The company saw rapid growth in April after the announcement of record motor sales for the first 3 months of 2015 alongside a lot of investor excitement following the reveal of its home electric battery the Powerwall, leaving Tesla marginally in the green ahead of its results.Recent posts:
Stock of the day 06/05/2015 - BT Group PLC/Alibaba Group Holdings Ltd
Morning Market Comment 06/05/2015
Evening Market Comment 05/05/2015
Stock of the day 05/05/2015 - J Sainsbury PLC/GlaxoSmithKline PLC/Tesla Motors Inc
Afternoon Market Comment 05/05/2015
For further information on the trading day ahead, take a look at our Financial Diary
, which previews all the Economic Data due out to today and projected or previous figures.
Our Financial Diary is updated in real time as the figures are released throughout the day.
If you are unsure what different Economic Figures mean take a look at our Economic Indicators Explained guide
For a look at the trading week ahead our Financial Diary also lists all the companies due to submit trading updates this week. Each Friday, our diary will preview the forthcoming week's economic indicators and company reports schedule.
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