European markets have remained closed in anticipation of jobs data due to be released from the US, an expert has claimed.
European markets have remained closed in anticipation of jobs data due to be released from the US, an expert has claimed.
Nick Serff, market analyst at City Index, has reported that many hedge funds and investors have been looking to consolidate their gains ahead of the release of this information.
“Markets in Europe and across the pond experienced some turbulent trading after US pending home sales fell by 7.6 per cent for January. Markets initially sold off on the news before rallying,” he stated.
He added that the day’s release of jobs data is likely to result in a temporarily volatile market.
Mr Serff also noted that banking is the sector that is performing best at the moment, with mining, gold and copper all fetching poor prices.
Earlier this month, the Royal Institution of Chartered Surveyors reported that property investment funds were increasingly turning to the US to benefit from distressed sales.
