Daily Market News 9 May 2011

 

Friday’s market movers

• From the UK we had PPI figures (MoM) and (YoY) both better showing that there could be an earlier rate hike than expected from the Bank of England although Mervin King is still sceptical about growth in the UK.

• In the US we had the US Non-farm payroll figure which came in better than expected at 244k from a previous 221k. Non-farm payroll had its highest increase since March 2010; the data indicates that the labor market in US is moving into sustainable growth mode which is good for the US economy.

• The Unemployment rate figure for the US however rose from 8.8% to 9.0%.

• Where we saw positive data for the US we witnessed risk appetite as investors pulled out of the dollar and looked into more riskier assets all stocks and equities were higher by the end of the day

Today’s market movers

• There is no data released from the UK or the US today

• From Europe we had the German trade balance and the current account figures. Both came in better than expected, this added strength to the Euro pushing it from 1.14 levels back to 1.1370.

• As well as this from Europe we have the sentix investor confidence, this figure is expected slightly better than previous, if this comes in better we could see further Euro strength this morning.