The FT's Jamie Chisholm highlights what to watch in markets on Friday, as equity markets show positive moves after oil prices lift energy stocks. Today's US jobs report could prompt a faster pace of Fed rate rises.
Filmed by Rod Fitzgerald. Produced by Filip Fortuna.
Welcome to the FT Market Minute. Here's what we're watching in London on Friday morning. There are two topics in focus, oil and US jobs.
West Texas Intermediate, the US contract, is a bit firmer, but remains below $50 a barrel, having full of more than 7% in just two days. The sell-off has been savage, because traders are once again fretting that increasing US output will grow the market glut. Still, the small oil price rebound on Friday is helping the recovery in some recently battered energy shares.
And this is helping stock markets. Europe is firm. And futures suggest, the S&P 500 may add 10 points. But all of that could change, depending on the US jobs report.
Economists expect to 190,000 positions were created in February. And if the report is much stronger, then the market may start pricing in a faster pace at Fed rate rises. Next week's rate rise looks nailed on. Another in June is considered about 50-50.
And the dollar index, thus, sits just shy of a 14-high. And 10-year treasury yields have broken above 2.6%. Gold does not like this. The metal now cost less than $1,200 an ounce.