Continuing the week’s giddy, sloppy trading, Friday’s rebound gathered pace as lunchtime approached, even with the US futures suggesting a tough open for the Dow Jones.
Leading the way was the FTSE, which climbed 2% to just about heave itself across 6800. The DAX and CAC followed suit; the German index approached 10900 as it rose 1%, with its French cousin back above 4800 after rising 1.8%.
It is probably worth noting that there hasn’t necessarily been anything to prompt the rebound, something that may become more apparent when the US gets involved this afternoon. The futures have the Dow Jones dropping 180 points to 24770, still a long way off Thursday’s 24250 lows, but also the kind of move that could knock confidence in Europe.
Complicating matters further is the fact today is a non-farm Friday, one that has perhaps increased in interest since Fed chief Jerome Powell’s dovish turn at the end of November. Analysts are expecting a slight rise in wage growth, from 0.2% to 0.3% month-on-month, with the unemployment rate unchanged at 3.7%, and the headline non-farm number falling from 250k to 198k.
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