Reuters: Hot Stocks: UK FTSE falls as investors fear weak U.S. jobs data

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UK FTSE falls as investors fear weak U.S. jobs data Apr 5th 2013, 10:56 Fri Apr 5, 2013 6:56am EDT * FTSE 100 down 1.3 percent, on track for worst week since Nov * Investors bet on below-forecast U.S. jobs data at 1330 GMT * Airlines hit by bird flu concerns By Francesco Canepa LONDON, April 5 (Reuters) - Britain's top share index fell for a third straight session on Friday as investors began to anticipate a set of disappointing U.S. employment data and while concerns over bird flu hit shares in airlines. Britain's FTSE 100 shed 81.36 points, or 1.3 percent, to 6,263.28 points, taking its weekly loss to 2.3 percent, the steepest since November. Traders said two sets of disappointing U.S. jobs data earlier this week were fuelling talk that non-farm payroll numbers due at 1230 GMT would also miss analyst expectations for 200,000 new jobs. A Reuters-polled consensus of economists forecast the U.S. economy added 200,000 jobs last month, with the lowest estimate at 140,000 and the highest at 230,000. "Our clients are looking for a number closer to the 150,000 to 170,000 mark," Matt Basi, head of UK sales trading at CMC Markets, said. "If you see a number around 180,000 today there is a chance you could see a bump." He said a reading in the 200,000 region could help the FTSE rise back towards 6,400 in the coming sessions, while a number closer to 120,000 could cause the index to fall below 6,200. The FTSE has fallen around 4 percent since mid-March as Cyprus became engulfed in a funding crisis, giving investors an opportunity to take profit on a 16.6 percent rally since mid-November. The UK benchmark is now trading below its 50-day moving average, having breached it on Thursday for the first time since late November. Charles Stanley technical analyst Bill McNamara cautioned that a finish below a late February closing low, at 6,270, "would strongly suggest that a corrective phase is underway". Yet CMC's Basi added clients were using the current market weakness to close their negative bets, or "shorts", in the FTSE, a sign there were still concerns the market could resume its uptrend. Airlines Easyjet and IAG each fell 6.1 percent to the bottom of the FTSE 100 on concerns about a new strain of bird flu that has killed six people in Asia. Traders said EasyJet, which confirmed its guidance this morning but flagged a negative impact from a weak pound, was also falling victim to some profit taking after its shares nearly quadrupled in price since September 2011, hitting an all time high earlier this week. "Traders look a bit uncomfortable in their upright seats at such altitude, calling for a layover to stretch their legs, discard some excess baggage and refuel after such a long-haul rally," Mike van Dulken, head of research at Accendo Markets, said in a trading note. (Reporting By Francesco Canepa, additional reporting by Tricia Wright/editing by Chris Pizzey, London MPG Desk, +44 (0)207 542-4441) Link this Share this Digg this Email Reprints

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