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FTSE 100 maintains gain as investors eye latest US payrolls report


With an hour to go to the key US data, the UK blue-chip index was up 18.66 points at 6,669.64

  • FTSE 100 adds18 points
  • Dow Jones Industrials Average point 0.3% lowe
  • US economy expected to have created 210,000 jobs last month

12.30pm: Gains held as jobs data awaited

The FTSE 100 index held firm at lunchtime even though US stock futures pointed to opening falls on Wall Street, with much dependent on the latest US jobs data.

With an hour to go to the key data, the UK blue-chip index was up 18.66 points at 6,669.64.

Futures for the Dow Jones Industrials Average pointed 0.3% lower, while those for the broader S&P 500 shed 0.4% – the S&P 500 is on track for its third week of declines having closed in Thursday at its lowest level since the end of January. Futures for technology-heavy Nasdaq-100 were the worst-off, however, down 0.6%, suggesting that the sector will continue to lead the retreat.

Stocks have stumbled in recent weeks as a climb in bond yields has called into question whether low-interest rates, which propelled valuations higher for much of the past year, can continue for much longer the economy recovers from the coronavirus (COVID-19) pandemic.

The yield on 10-year Treasury notes ticked up again Friday, to 1.557%, from 1.547% on Thursday,  the highest level for the benchmark borrowing cost since February last year. The latest climb in yields came after Federal Reserve Chairman Jerome Powell provided no sign the central bank would seek to stem the rise when he spoke at The Wall Street Journal Jobs Summit on Thursday

February US jobs report, due to be released at 8.30am ET, is expected to show that the economy created 210,000 jobs last month. That would add to signs of a slow improvement in the labor market, after initial weekly jobless claims on Thursday reached their lowest level in three months.

The jobs report may not sway bond yields much, however, because the data are unlikely to affect the progress of President Biden’s new stimulus package through the Senate or the roll=out of the coronavirus vaccine.

11.20am: Halifax says house prices to grow at slower pace in 2021 

The Footsie turned green in late morning and added 19 points to 6,669.

Halifax, the mortgage lender part of PLC (), said it doesn’t expect the level of growth seen in house prices over the past year to be sustained throughout 2021.

It said an economic ‘bounceback’ from lockdown is likely as many people have boosted their savings while stuck at home but higher unemployment is likely to limit new buyer demand.

It also welcomed the extension of the stamp duty holiday and the new mortgage guarantee scheme announced by Rishi Sunak on Wednesday.

“The housing market has been at something of a crossroads at the start of this year, with upcoming events key to determining the path of activity and prices over the next few months,” said Russell Galley, Managing Director at Halifax.

House prices dipped 0.1% in February compared to January, but were 5.2% higher than the same period in 2020 with the average price sitting at £251,697.

10.05am: Former  executives launch ten-minute grocery service Dija

The Footsie pared quite a bit of losses in mid-morning and was down only 19 points to 6,631.

Former executives Alberto Menolascina and Yusuf Saban have launched Dija, which joins the busy market of food home deliveries.

The startup says it features “brands you love and brands you will come to love” to stock “your freezer, fridge and cupboard” in just ten minutes from pressing the ‘order’ button.

It relies on mini-warehouses rather than convenience stores or supermarkets.

Dija raised US$20mln in a funding round last December to propel its expansion in London, which is the only city where the service is available as of Friday.

The name is inspired by the Italian ‘di già’, a colloquial phrase equivalent to ‘already?’.

“Amazon’s Prime Now isn’t really now, unless you believe that now…



Read More: FTSE 100 maintains gain as investors eye latest US payrolls report

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