Home Business NewsBusiness FTSE 100 holds up ahead of US jobs numbers

FTSE 100 holds up ahead of US jobs numbers

by LLB Reporter
3rd Feb 23 9:59 am

Despite the blow to sentiment from disappointing tech earnings overnight, the FTSE 100 managed to eke out some gains early on Friday.

AJ Bell investment director Russ Mould said: “It helped that Shell was still basking in the glow of its record results and big share buyback announced yesterday. For now, investors seem willing to put any concerns about any longer-term political consequences of the numbers to one side.

“Also supporting the index was weakness in the pound as currency traders bet that we are close to the peak for UK interest rates after yesterday’s meeting in Threadneedle Street. The fact the Monetary Policy Committee was split on the decision to bump rates to 4% felt instructive.

“Futures are pointing towards weakness on Wall Street later, reversing the gains it made before the after-hours shockers from Apple, Amazon and Alphabet, and this will be a test of the FTSE 100’s resilience.

“US jobs numbers are set to be released Friday afternoon with investors looking for a Goldilocks set of figures which are neither so weak they raise the sceptre of a severe recession nor so robust they suggest the jobs market is still running too hot for the Federal Reserve to pursue the hoped-for softening of its stance on interest rates.”

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