FTSE 100 boosted by rise in UK house prices

In the United Kingdom, the FTSE 100 was marginally higher, as it was reported that house prices rose last month.

Data from mortgage lender Nationwide showed that prices increased by 0.9% last month, in comparison to 0.7% in October. 

London’s FTSE 100 closed 1.55% higher on the data, as the final reading was 0.4% higher than markets expectation for a 0.5% monthly increase.

GBPUSD also rebounded, as it moved away from its 2021 low of 1.3194, which it recorded in Tuesday’s session.

It is also expected that the Bank of England will raise rates in upcoming months, as a means of combating rising consumer prices.

Private payrolls higher, days before key NFP report

Days before the release of November’s Non-farm payrolls report, it was reported that private payrolls had unexpectedly surpassed market expectations.

Figures released by the ADP on Wednesday, showed that payrolls increased by 534,000 last month, which is above forecasts for a 506,000 increase.

In a statement released following the report, the ADP stated that, “It’s too early to tell if the Omicron variant could potentially slow the jobs recovery in coming months”.

Markets now await Friday’s NFP report, where it is expected that 550,000 jobs would be added to the U.S. economy. 

Many expect that a strong NFP report will give the Federal Reserve further validation in commencing the tapering of its QE program. 


 

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