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Disappointing employment data in the UK weighed heavily on the FTSE 100 yesterday, which finished the day almost a full percent lower. 139 thousand jobs were lost in April, ahead of the predicted number of just 100k; meanwhile the unemployment rate also unexpectedly rose to 4.4% from 4.3% the month prior, the highest level in over two years. Cable remained relatively flat on the day, closing at 1.27 USD.
On the other side of the pond, the S&P 500 and Nasdaq Composite both started the week with back-to-back record highs ahead of key CPI figures set to be released later today. The tech heavy Nasdaq gained a solid 0.88% during yesterday’s session, in large part thanks to Apple (AAPL) soaring over 7% after announcing new AI features for its devices. The Dow Jones is down slightly since the start of the week, lacking the buoyancy offered by major tech stocks.
In just a few hours, the US Bureau of Labour Statistics will publish CPI figures for the previous month. Year-on-year inflation and core inflation predictions currently stand at 3.4% and 3.5% respectively. No one is hoping for higher numbers than that. The Fed interest rate decision and press conference swiftly follow, offering a more comprehensive picture into the monetary direction the world’s largest economy will be taking. The interest rate target currently stands at 5.5% and markets are heavily pricing in no deviation from that figure.
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