US jobs data erase FTSE election gains, but UK ‘stability’ still intact
The FTSE 100 lost its post-election gains after strong US jobs figures threatened a further delay by the Federal Reserve in cutting interest rates.
The blue-chip index closed 0.4%, or 37 points, down at 8,204, although the ‘mid-cap’ FTSE 250 index hung on to a 0.9% gain at 20,786, reflecting increased investor confidence about the domestic stock market and economy following Labour’s decisive win.
Wall Street was not phased by the US economy adding 206,000 jobs in June, more than the 190,000 forecast, as the unemployment level rose to 4.1% from 4% and May’s new jobs figures were revised down to 218,000 from 272,000.
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