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FTSE fizzles after improving US jobs figures

by Caelainn Barr on Nov 02, 2012 at 15:30

FTSE fizzles after improving US jobs figures

15.30: Britain’s markets retreated following mid-day highs after the release of US jobs data which showed 171,000 jobs were created in October, beating expectations.

'The October employment report was another data point showing resilience in the US economy,' commented Julia Coronado of BNP Paribas, after other positive reports on the US economy this week.

The FTSE 100 was flat in late afternoon trade, losing 0.03%, or 1.4 points, to 5,860 and the Mid 250 index rose 29 points, or 0.24%, to 12,121.

Wall Street also fell on the modest improvement in the country’s job market. The Dow Jones Industrial Average shed 0.32% to 13,191, the Standard & Poor's 500 index lost 0.12% to 1,426, and the Nasdaq Composite index gave up 0.24% to 3,013.

13.10: US jobs figures have given markets a boost, with 171,000 new jobs created in October, beating expectations.

Unemployment, however, rose to 7.9% in October, up from 7.8% the previous month, though the figure can be accounted for as only people who are seeking work are classified as unemployed.

Markets responded positively to the figures: the FTSE 100 took on 0.3%, or 17 points, to 5,879, and the Mid 250 index rose 0.5%, or 61 points, to 12,153.

The figures come ahead of Tuesday’s US presidential election, which will see Barak Obama seek re-election amid the highest rate of unemployment since Franklin Roosevelt.

RBS lags on FTSE 100 as Libor fine looms

09.11: Markets opened lower on Friday morning ahead of pivotal US jobs data, as Royal Bank of Scotland (RBS.L) fell after publishing its third-quarter results.

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