FTSE 100 watch: Footsie stays in the red after US jobs report

FTSE 100 watch: Footsie stays in the red after US jobs report
Written by:
Alice Young
6th April 2018

The UK benchmark index has slipped marginally into the red in today’s session, pressured by the latest developments over a trade war between the US and China. The FTSE 100 has remained in negative territory following the release of the latest US jobs report which fell short of expectations.

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FTSE 100 stays subdued

As of 14:03 BST, the Footsie had given up 8.85 points to stand 0.12 percent lower at 7,190.65. The blue-chip index has been under pressure today after US President Donald Trump signalled tariffs on a further $100 billion of Chinese imports. The FTSE 100 has stayed in the red after the Bureau for Labour Statistics reported that the world’s biggest economy had added 103,000 new jobs last month. IG had previously reported that forecasts were for 203,000 new jobs.

Reuters meanwhile reported that UBS had become the latest investment house to become relatively more positive on British stocks, closing its overweight in eurozone equities relative to UK stocks.

“Year-to-date euro zone equities have outperformed their UK counterparts by more than four percentage points, and we no longer see the catalysts for further outperformance,” UBS Wealth Management’s Chief Investment Officer Mark Haefelem wrote, as quoted by the newswire.

Retailers weigh on index

Marks & Spencer (LON:MKS) meanwhile has been the index’s biggest faller in percentage terms after Citigroup named the retailer as one of its least preferred stocks alongside Next (LON:NXT), Pets at Home (LON:PETS) and B&M European Retail Value (LON:BME). Proactive Investors quoted the broker as commenting that investors should buy online retailers over bricks and mortar stocks with consumers increasingly opting to use the internet for shopping. Marks & Spencer’s share price is 1.31 percent down at 270.40p, while shares in Next are changing hands 0.48 percent in the red at 4,797.00p.

The FTSE 100 was 0.05 percent down at 7,195.52 points as of 14:22 BST on Friday, 06 April 2018.

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