Michael Mackenzie, FT markets editor, analyses Wednesday’s markets stories: the mood is tentative as attention focuses on US jobs data, Federal Reserve meeting minutes from last month and the US-China summit.
Filmed by Rod Fitzgerald. Edited by Nicola Stansfield.
Here's what we're watching with trading underway in London. The mood is tentative as the main events for this week loom large. Across the general range, [INAUDIBLE] we're seeing in markets. Oil prices, however, are firmer, reflects expectations of production cuts are working.
For equities, bonds, and currencies, attention is mainly focused on the first round of US jobs data due later in New York this morning. ADP survey of private sector hiring will set the tone ahead of Friday's US employment report for March. There's also the publication of the Federal Reserve's meeting minutes from last month. Here, traders will scan for any sign of a robust debate among policy officials about trimming back the central bank's $4.5 trillion balance sheet later this year.
And sandwiched between the jobs report is the start on Thursday, in Florida, of an eagerly anticipated summit between the presidents of the US and China. All told, plenty of news and hard data coming that warrants a test for investors, particularly those who have pulled long-term bond yields down. Robust US job gains and wage growth may well shift such positioning.