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European Market Update 04 May 2018

Posted by Tim Sholl on 04-May-2018 20:55:31

Stock indices remain mixed with most European indices looking strong and most US indices looking weak - this is not a common set up .  Markets are waiting today for the US employment numbers to be released in next 2 hours. The expectations are for approx 200k new jobs , the u/e rate to maybe drop from 4.1% to 4.0% and for Ave Weekly Earnings to increase by 2.7% y/y. 

Current prices show the Dax at 12752 up 13 , the CAC at 5502 up 1 , and the FTSE is at 7536 down 5.  The US dollar index continues to push higher at 92.42 up 17. The EUR is at 1.1961 down 27 , the GBP is at 1.3566 fown 10 and the JPY at 109.04 down 15. Gold remains at 1310 down 1.80 and Brent Crude oil is at 73.61 flat.

The banking sector in France is under pressure after weaker earnings and the US has accused the former head of VW of conspiring to cover up the Diesel emissions cheating. Market is also looking to see if any progress can be made in the Trade talks between the US and China.

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Daily Chart - GBP futures - (BPc1) - Continued weakness in the face of strong USD.

Topics: Trading, Market News, European Market Update