Once again the first Friday of the month is being dominated by the markets anticipating the next set of non-farm payroll figures. These sentiment-shifting figures are always closely monitored, but due to their quick turnaround time can be prone to some aggressive revision. Earlier today UK manufacturing PMI figures took the market by surprise jumping up to 57 when they were expected to come in 51.6
On the equity front, we received confirmation that the Royal Bank of Scotland has appointed a new CEO from within the organisation. New Zealander Ross McEwan, who previously ran the retail arm, will take over from Stephen Hester in October.
After a number of awful quarters, Man Group has finally posted some good news as profits have jumped by 9.8% to $134 million. GLG Partners, Man Group’s American arm, accounts for $59 million of this improvement.
The FTSE 100 has once again knocked on the door of the 6700 level, but has not managed to stay above that level for very long. However it still looks well placed to finish a very positive week.