FTSE 100 rebounds strongly on US jobs beat; Taper expectations brought forward; Oil, housing stocks provide a lift. Read More
Market overview: FTSE 100 ends higher following US jobs report
Friday 06 Dec 2013
1630 Close: The FTSE 100 finished up 53.55 points at 6,551.99 following a better-than-expected US jobs report. Concerns that the positive figures would prompt the Federal Reserve to begin reducing monetary stimulus were outweighed by an improved outlook for the economy. In the UK, data included a report from Halifax which showed UK house prices rose 1.1 per cent November compared to the previous month and were up by 7.7 per cent on the year. It provided a lift to housing stocks including Taylor Wimpey and Persimmon. Meanwhile, another report revealed UK inflation expectations over the next 12 months increased to 3.6 per cent in November.
1535: John Lonski, chief capital markets economist at Moody’s Analytics, says that: “At a minimum, they will strongly hint that a taper will be announced at the January 2014 meeting” . Barclays Research still expects tapering to begin come March; they believe some on the FOMC will want to see greater firmness in inflation before moving on tapering. As well, they think the Fed "[will] view declines in the unemployment rate as overstating the amount of improvement in labor markets."
1455: The University of Michigan´s preliminary confidence index for the month of December rose to 82.5 from 75.1 in the month before (consensus: 76). FTSE 100 up 55 to 6,553.
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