SCOREBOARD: Modest bids

Markets edged up after mixed data from both sides of the pond, with US jobless figures the pick of the bunch.

Equities either side of the pond spent most of the session bouncing around zero. A modest bid was the order of the day after some positive US data. European data – a 1.9 per cent slump in German factory orders for January – in contrast wasn’t that positive although markets overlooked that and the Dax closed 0.3 per cent higher, the CaC was up 0.5 per cent, while the FTSE100 rose 0.2 per cent. I suspect this reflects three factors. Firstly, that the fall in orders followed a 1.1 per cent gain in December. Secondly, because Spain managed to sell €5 billion of bonds (2, 5 and 10-year) with strong demand and lower yields – up to 30 bps lower. In fact in the secondary market, the Spanish 10-year yield was off 10 bps to 4.89 per cent and the Italian equivalent was 6 bps lower to 4.54 per cent. Finally, US data was generally quite good. Jobs data in particular.

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