FTSE flirts with the flat line
Fiona Cincotta July 4, 2019 5:35 AM
In London, ex-dividend trading caused British Airways parent International Consolidated Airlines and Coca-Cola shares to lose more than 7% while a steady flow of buy orders lifted Vodafone and Sainsbury. The latter rallied by association after Associated British Foods posted a 3% increase in revenue, mainly from the ingredients business. But clothing chain Primark, which is also part of AB Foods, saw a decline in clothes sales because of the unseasonably overcast June.
US job reports in focus when US markets reopen
The US non-farm payrolls jobs report is due early Friday after the US markets reopen and investors are counting on a substantial number of jobs being created in June. However, the US Treasuries yield curve is again showing an inversion which is typically a harbinger of an economic downturn in the US.
The pound is trading a touch higher but is still close to a two-week low caused by the BoE’s unexpected turn on interest rates, indicating that it might cut rates rather than raise them.
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