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FTSE 100 poised for new high ahead of US jobs report

FTSE 100

FTSE 100 is set to reach new highs after stocks lost ground in Asia and ahead of the key US jobs report.

The bluechip benchmark closed yesterday at 7,195 – its sixth consecutive record high, up 0.08%, or just over five points, bolstered by the big housebuilders.

On Friday, it is seen by spreadbetters starting around eight points higher.

The US non-farm payroll figure will as ever be keenly watched to see how the US economy is doing in the run up to Donald Trump’s inauguration as the president.

The report from the ADP private sector processor showed a number of only 153,000 jobs having been created, which has cast doubt on the overall figure, which was expected to be much higher – at around the 175,000 mark.

On Wall Street on Thursday, as the first quarter reporting season began in earnest, the Dow Jones closed down 0.21% to stand at 19,899.

The broader based S&P500 finished 0.08% lower at 2,269. The Nasdaq ended 0.2% up however, at 5,487.

In Asia overnight, the focus has been the continued strength of the Chinese renminbi, which has seen a two day rally against the US dollar. In equities though, The Shanghai Composite index is down 0.12% at the time of writing, while the Nikkei 225 in Japan is down 0.34% at 19,454.

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Paul

The author Paul