Join research director Kathleen Brooks for a market live today at 13:20 BST. Get the latest US non farm payrolls report and the market reaction and also find out what's going on in the UK bond market and how it's impacting the pound.
Join market live at 13:20 BST here.
There is a packed calendar today, as US payrolls are released a day early due to US markets being closed on Friday for the 4th July holiday. Usually, payrolls would be the main story, however, after Wednesday’s rout in the UK bond market on the back of the welfare reform bill, UK assets will also be watched closely.
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Create account Try a demo Download mobile app Download mobile appUS stock markets made a fresh record high on Wednesday as we lead up to today’s payrolls report. The market is expecting a reading of 106k for last month, and the unemployment rate is expected to inch up to 4.3%, which would be the highest rate since 2021.
UK Gilt yields surged on Wednesday, and the pound sank, as the markets fretted about the possible sacking of the UK Chancellor, after the Prime Minister failed to back Rachel Reeves during a bruising Prime Minister’s questions. But Rachel Reeves can wipe her tears, as she has the backing of the bond market. Far from weakening her position, the surge in bond yields is a warning to the PM and the Labour Party as a whole. The market does not want to see a more left-leaning Chancellor in place, and Reeves is about as ‘market-friendly’ a Chancellor as the Labour Party can hope for.
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