UK Unemployment Rate Remain Unchanged

News Event

From Trading Economics: UK jobless rate held steady at 4.9 percent for the third straight time in the three months to August of 2016, in line with market expectations. It stood at the lowest level since July to September 2005, as the number of people in work and the number of unemployed people increased, while the number of economically inactive people fell. Unemployment Rate in the United Kingdom averaged 7.14 percent from 1971 until 2016, reaching an all time high of 12 percent in February of 1984 and a record low of 3.40 percent in November of 1973. Unemployment Rate in the United Kingdom is reported by the Office for National Statistics.

Market Snap

Market Opening Wrap

In Asian Equity Markets, stocks rose for a second session on Wednesday as a barrage of Chinese data confirmed the economy had stabilised on the back of government spending and a hot housing market, even if worries about debt continue to mount. The initial reaction was muted with few fireworks in the figures and Shanghai stocks edged up 0.2 percent. Chinese GDP expanded 6.7 percent in the year to September, exactly as forecast. Other data showed retail sales rising a solid 10.7 percent and urban investment 8.2 percent, but industrial output disappointed by growing only 6.1 percent. MSCI's broadest index of Asia-Pacific stocks outside Japan added 0.4 percent. The Nikkei was up 0.3 percent at 17,007.24 points, ensconced in a tight range through the session.

In Currency Markets the dollar stepped back from a seven-month high against an index of currencies on Wednesday after U.S. consumer prices showed a moderation in underlying inflation, prompting markets to trim bets on a December Federal Reserve rate hike. The Australian dollar last traded at $0.7670. Earlier on Wednesday, the Aussie dollar rose to $0.7691 at one point, matching its high on Oct. 4. The euro held steady at $1.0984, just above Monday's 2-1/2-month low of $1.0964. The British pound fell 0.1 percent to $1.2287. Against the yen, the dollar eased 0.1 percent to 103.80 yen. The U.S. dollar's index against a basket of six major currencies stood at 97.846, off Monday's seven-month high of 98.169.

In Commodities Markets oil prices rose on Wednesday, lifted by a report of a fall in U.S. crude inventories and declining production in China, while an upbeat OPEC statement on its planned output cut also supported the market. U.S. West Texas Intermediate crude oil futures were trading at $50.73 per barrel, up 0.87 percent, from their last settlement. International Brent crude futures were at $52.14 a barrel, up 0.89 percent. U.S. crude stockpiles fell 3.8 million barrels in the week to Oct. 14, to 467.1 million barrels, the API reported late on Tuesday. Spot gold was up slightly at $1,263.31 an ounce, while U.S. gold futures edged up to $1,264.10 an ounce.

In US Equity Markets stocks advanced on Tuesday to give the S&P 500 its best day this month on the heels of solid earnings reports from names such as UnitedHealth and Netflix that put corporate profits on track to snap a four-quarter streak of declines. The S&P 500 gained 0.62 percent, to 2,139.6 and the Nasdaq Composite added 0.85 percent, to 5,243.84. UnitedHealth rose 6.9 percent after quarterly results and forecast. Netflix rose more than 19 percent after posting quarterly results and much higher-than-expected subscriber growth. IBM fell 2.6 percent after reporting its 18th straight quarter of revenue decline. Intel rose 1.5 percent during the session on a Barclays upgrade, but shares fell 3.3 percent after the close following the chipmaker's results.

In Bond Markets U.S. Treasury yields fell on Tuesday in line with their U.K. counterparts on chances that parliament may have to ratify a British exit from the European Union, which reduced some bets that the U.K. would lose access to the single market. Benchmark U.S. 10-year Treasury notes were last up 4/32 in price for a yield of 1.750 percent, down 1.6 basis points and not far below a four-month peak of 1.841 percent reached on Monday.

Source: Institute of Trading and Portfolio Managment