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ISEQ rebounds ahead of US jobs data

Friday, October 05 12:47:54

The main Dublin shares index rebounded this morning as markets await crucial jobs figures from the US.

By 12:30, the ISEQ was up 31.39 points to 3,333.48.

With the US presidential election just weeks away, today's labour market report, the penultimate before the election, is unlikely to provide any respite for President Obama in his bid for re-election. While 115,000 new jobs are expected to have been added in September, an increase on the lacklustre 96,000 added in August, this figure is still well below the perceived break-even level of 125,000 which would hold the unemployment rate steady. The unemployment rate is expected to tick up to 8.2pc from 8.1pc in August, as the numbers joining the labour force offset any increase in new employment.

Global dairy product prices in September recorded their sharpest monthly increase since January 2011. Prices rose month-on-month by 7pc and reached a six-month high. The rise in dairy - and meat - prices in the month resulted in a 1.4pc mom rise in the Food and Agriculture Organisation (FAO) food price Index. According to the FAO, all five products in the dairy index recorded price rises - skim powder and casein in particular which rose mom by 6pc and 12pc respectively. The FAO states that world demand for milk products remains firm which, combined with increasing feed costs, is underpinning world quotations. Shares in Kerry Group fell 6c to E40.76.