FTSE 100 futures not impressed by UK wages data

As already noted, UK bonds have fallen this morning following that UK jobs report. That data has pushed the pound higher and the EUR/GBP has now fallen a little closer to the 0.8500 handle. That drop in UK bonds and corresponding rise in UK money market rates has weighed on the opening outlook for the FTSE 100, which will reopen very shortly. The FTSE 100 managed to crawl off a session low yesterday at 7,555 and close at 7,573. However, that close was only a poultry 1 point higher than the day before, despite the gains elsewhere in Europe and the rise in US stocks at the time. So, it once again defined the FTSE 100 as the dog of the major indexes here in Europe. The index is set to struggle on the opening today too and it would not be a surprise to see it fall back further on the opening, given those US bond market moves.