A solid UK jobs report led to the FTSE 100 opening at its highest level since the pandemic began this Tuesday.
“The most relevant figure this morning was the claimant count change reading for the month of May. Instead of adding another 25,000, there was a 92,600 drop in claimants, not far off double the upwards revised 55,800 reduction posted in April,” said Connor Campbell, financial analyst at Spreadex.
Though the resulting gains for the FTSE 100 were hardly gobsmacking, a 0.2% increase was still enough to push it to its best open since the end of February, or the start of 2020’s pandemic-plunge. The index remains 20 or so points short of yesterday’s intra-day peak.
Elsewhere a 0.6% increase for the DAX lifted the German bourse to a fresh all-time high, while the CAC was pushing for a recent peak of its own as a 0.4% rise left it 5 points off 6,650.
“In contrast the Dow Jones remains without momentum, though a prospective 0.1% increase this afternoon would lift it back above 34,400,” Campbell added.
“There’s a flurry of activity pre-open that will likely alter the Dow’s eventual performance this afternoon. Retail sales for May are set to drop to -0.6% month-on-month, but with the core reading jumping from -0.8% to 0.4%. PPI, meanwhile, is expected to dip from 0.6% to 0.5%.”
FTSE 100 Top Movers
Associated British Foods (3.62%), Just Eat (2.06%) and Ferguson (1.86%) are leading the way on the FTSE 100 early on Tuesday.
While trailing at the other end of the pack is Intermediate Capital Group (-3.38%), Anglo American (-2.24%) and Antofagasta (-1.97%).