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FTSE update

By:   IG Index
  • 2009-02-07 13:28:00 GMT
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In the morning session the FTSE 100 is currently trading around the 4300 level.

Due to the US holiday tomorrow, we have some widely followed data released today. Eurozone unemployment figures out this morning were worse than expected at 9.5% - but this figure may be deceptive as employers choose to make workers ‘idle’ by reducing their working hours, or even allowing sabbaticals on reduced pay. Whilst these workers are not considered unemployed, they certainly are not working at full capacity, or productivity, which will have wider implications for the eurozone economic area. This is one of the reasons ECB President Jean-Claude Trichet is expected to announce at 12.30 GMT that interest-rates will remain on hold.

Today also sees the release of US non-farm payrolls; the mood is that while the data will not show an improvement, it will at least indicate some stability, with the number of jobs lost less severe than the previous month. That said unemployment in the US now stands 9.6% – a 26-year high.  Traders will be watching with anticipation to see how these releases affect the market. With the recent calm experienced of late today has the potential to be a bit choppier.

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