Investors are bracing for the latest US Non-Farm Payroll, which could show if an interest rate hike is coming * Introduction: It’s Non-Farm Payroll day * Nikkei hits seven-month low 8.45am BST LOOK WHO’S BACK! Yanis Varoufakis, the former Greek finance minister, has just told CNBC that he won’t back Syriza’s Alexis Tsipras in the general election on September 20th. BREAKING: Yanis Varoufakis tells CNBC: I'm not endorsing Tsipras in this election; he is still a friend but we have political disagreement LIVE: Varoufakis: A 10 year old would know that (Greece's debt situation) would not end well http://t.co/bJppuJzX5m pic.twitter.com/auHdpiRG98 8.31am BST SO MUCH FOR THE DRAGHI RALLY. Europe’s stock markets are sliding back as trading gets underway. A fair chunk of yesterday’s gains have been wiped off London’s FTSE-100 index in the first few minutes of trade this morning with selling in the latter part of yesterday’s Wall Street session clearly taking a toll on sentiment. Traders are now looking at screens awash with red numbers and even if today’s non-farm payrolls are seen as having no meaningful implications in driving a September rate hike, the Fed still has time to act before the year is out. Yesterday’s nascent rebound for commodity prices is also looking to be rather short lived – crude oil is slumping once again and as a result it’s little surprise that the natural resources stocks have been shunted towards the foot of the index. 8.18am BST JOHN LEWIS, that barometer of UK high street spending, has reported that sales at its department stores slid by 3.4% year-on-year in the last week of August. Not a great signal. It admitted that “a tough trading period closed with another difficult week”, but is pinning its hopes on targeting “pent-up demand” in September. 8.03am BST WE ALSO HAVE FRESH SIGNS OF WEAKNESS IN EUROPE’S POWERHOUSE ECONOMY THIS MORNING. Eurgh...some rather horrible factory orders from Germany -1.4% July vs June...much worse than expected 7.55am BST A FRESH BOUT OF GLOOM SWEPT JAPAN’S TRADING FLOOR TODAY, PUSHING THE NIKKEI INDEX DOWN BY 2% TO A FRESH SEVEN-MONTH LOW. Nikkei tumbles 2.2% to 17792.16 lowest since Feb on global de-risking. Falls 7% this week, worst week since Apr2014. pic.twitter.com/JZfgn3BoZ0 Japanese wages: still stagnant http://t.co/Zgxe0rtST3 pic.twitter.com/qGRidw0qWs 7.37am BST GOOD MORNING, AND WELCOME TO OUR ROLLING COVERAGE OF THE WORLD ECONOMY, THE FINANCIAL MARKETS, THE EUROZONE AND BUSINESS. Today is all about the US jobs report, and the possibility that the long run of record low interest rates is about to end. Good Most-Important-NFP-ever-Day Morning Our European opening calls: $FTSE 6106 down 88 $DAX 10155 down 163 $CAC 4576 down 77 $IBEX 9867 down 176 $MIB 21829 down 348 I guess #Draghi's speech never made it to Asia. #Nikkei turns sharply lower. pic.twitter.com/uSbxCOAzIo Continue reading...
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