Lucy Harley-McKeown
FTSE and Europe in the green and US mixed as traders look to PCE data
A look at how markets are performing on Monday
The FTSE 100 fell slightly in early trade on Monday before bounding to a two-week high, alongside European stocks. Meanwhile, the US market was mixed as caution sets in following a week of profit taking for big tech stocks like Nvidia. US traders are looking to key inflation data later in the week.
The FTSE 100 (^FTSE) was down 0.1% after the opening bell before trading around 0.7% higher by mid-afternoon. The DAX (^GDAXI) rose 1% and the CAC (^FCHI) was up 1.2%.
The pan-European STOXX 600 (^STOXX) was up 0.5%.
Across the pond, the S&P 500 (^GSPC) was up 0.3%, having fallen earlier. The Dow (^DJI) was up 1% and the Nasdaq (^IXIC) dipped 0.2%.
Traders in the US are looking to Friday morning, which will bring investors the May reading on the Personal Consumption Expenditures (PCE) price index, the Fed's preferred inflation measure, which should show prices on a "core" basis – which excludes food and energy – rose 0.1% last month. This would mark the slowest monthly rise since last November.
New data from the UK on Monday shows salaries for jobs advertised in the UK fell in May for the first time since October. Adzuna's calculations reveal the average salary on an advertised vacancy is down 0.1% since last month, now standing at £38,765.
On an annual basis, salaries were 2.69% higher than in May 2023, following the rise in the National Living Wage to £11.44 per hour at the start of April.
Wage inflation has been a sticking point for policymakers in the Bank of England, as they grapple with when to lower interest rates.
Polling by Ipsos for the French election showed over the weekend that France's far right National Rally (RN) party and its allies are ahead, leading with with 35.5% of the vote. The first round of voting is set to take place on 30 June.
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