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Market Gave Back Post Nonfarm Gains As Week Ended

ByIG
Published 11/04/2012, 04:12 AM
Updated 01/01/2017, 02:20 AM
CVX
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As we approached the end of the trading week in London the FTSE was down two points at 5858, as the market gave back all its post nonfarm gains.

The payrolls report headline figure of an extra 171,000 jobs boosted market sentiment, but the slight rise in unemployment to 7.9% curtailed the rally. The initial euphoria of a much better-than-expected number pushed the FTSE to a ten-day high, but the market didn’t have the legs to sustain this into the rest of the session. In the opinion polls it looks like Barack Obama will be re-elected, as any US president running for a second term in office needs to have the unemployment rate under 8% to stand a good chance, so Friday’s figures will have Democrats breathing a sigh of relief.

Oil giant Chevron is down 1.7% after the company reported a 33% drop in net income, as a fire in one of their California refineries and scheduled maintenance hit production. Royal Bank of Scotland is off over 2% as traders are more concerned with their PPI provision and internal credit adjustment than their adjusted profit of £1.05 billion, which was up from £2 million the year previous. Some analysts feel had they not been reporting on nonfarm payrolls day we might have seen the stock higher.

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