Spreadex Market Update

FTSE and pound display edgy calm ahead of first truly post-Brexit UK jobs report



Following yesterday’s inflation conundrum it’s the turn of the UK jobs report to step in the spotlight this Wednesday morning.

This employment update is the first to unambiguously cover the post-Brexit tumult, and therefore might carry more weight with investors than it has for the past few weeks. It’s hard to pick what will be the most important figure; while you can likely discount the unemployment rate from discussion (its set to remain unchanged at 4.9%), you could make an argument for either the wage growth or claimant count change being the best signifier of the situation following the referendum. The former had begun to recover from its start of the year slump so, if accurate, the forecast fall from 2.4% to 2.1% month-on-month could be telling; the latter, on the other hand, perhaps provides the most immediate indication of any change in the sector.

Regardless neither the FTSE nor the pound is too prepared to do much before the figures are released. The UK index has risen by a measly 12 points after the bell, and is still lingering on the wrong side of 6700; sterling, meanwhile, has tentatively taken 0.1% off the dollar but is flat (and below 1.18) against the euro.

Bar its region-wide industrial production data – set to plunge from 0.6% in June to -0.8% in July – the Eurozone doesn’t have much of its own news to deal with this morning. That means the DAX and CAC (up 0.2% and down 0.1% respectively) will likely be at the mercy of both investors’ reactions to the UK jobs report and the lingering, and persistent, fears over the Fed meeting next week.



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