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| Markets await key US jobs report ahead of Fed rate decision - business live | Markets await key US jobs report ahead of Fed rate decision - business live |
| (35 minutes later) | |
| 9.10am GMT | |
| 09:10 | |
| German imports jump in January | |
| Earlier we had German trade data, which showed a stronger-than-expected rise in imports in January according to the federal statistics office. | |
| Imports grew by 3% compared with December, outpacing 2.7% growth in exports which was also a bigger-than-expected rise. | |
| Germany imported goods worth €84bn in January, and exported goods worth €99bn. | |
| Economists polled by Reuters had forecast a 0.5% increase in imports and a 1.85% rise in exports. | |
| German #exports in January 2017: +11.8% on January 2016 #foreigntrade https://t.co/on1KRpvqWc pic.twitter.com/g7hmjLUbvd | |
| 8.53am GMT | |
| 08:53 | |
| Markets rise ahead of US jobs report | |
| Markets have a spring in their step this morning, with European indices following Asian shares higher. | |
| Today’s non-farm payrolls are viewed as the last hurdle to get over before the Fed takes the plunge and raises rates next week. So the report is keenly awaited on both sides of the Atlantic. | |
| Here are the scores so far this morning: | |
| FTSE 100: +0.4% at 7,343 | |
| Germany’s DAX: +0.4% at 12,024 | |
| France’s CAC: +0.3% at 4,996 | |
| Italy’s FTSE MIB: +0.9% at 19,739 | |
| Spain’s IBEX: +0.4% at 10,041 | |
| Europe’s STOXX 600: +0.3% at 374 | |
| 8.43am GMT | |
| 08:43 | |
| BT reaches agreement to legally split from Openreach | |
| In terms of corporate news, BT dominates this morning. | |
| The telecoms giant has finally reached an agreement with Ofcom to legally separate Openreach, which controls the UK’s broadband infrastructure. | |
| BT has been in dispute with the regulator over the split for about two years. Under the deal Openreach will be stripped of BT branding and become a “distinct company with its own staff and management, together with its own strategy and a legal purpose to serve all of its customers equally”. | |
| The idea is that an independent Openreach will boost competition in the sector and boost the roll-out of superfast broadband. | |
| BT’s rivals, including Sky, TalkTalk and Vodafone, have argued that BT has deliberately been slow to open up the network to their engineers, which has hampered their ability to offer homes superfast broadband access. | |
| Here is our full story: | |
| 8.14am GMT | 8.14am GMT |
| 08:14 | 08:14 |
| The agenda: It's US payrolls day | The agenda: It's US payrolls day |
| Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. | Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. |
| It’s non-farm payrolls day in the US. Economists polled by Reuters are predicting that 190,000 jobs were added in February, following 227,000 in January. | It’s non-farm payrolls day in the US. Economists polled by Reuters are predicting that 190,000 jobs were added in February, following 227,000 in January. |
| It would take an absolute shocker on the downside to derail expectations that the Federal Reserve will raise rates at its policy meeting on Wednesday next week. | It would take an absolute shocker on the downside to derail expectations that the Federal Reserve will raise rates at its policy meeting on Wednesday next week. |
| Victoria Clarke, economist at Investec, said a rate hike next week is pretty much a done deal: | Victoria Clarke, economist at Investec, said a rate hike next week is pretty much a done deal: |
| The Fed looks to be locked onto a course that would see it raise the Fed funds target rate range by 25 basis points to 0.75-1.00%, short of a sizeable shock to market sentiment and/or a massive downside surprise in the February payrolls report. | The Fed looks to be locked onto a course that would see it raise the Fed funds target rate range by 25 basis points to 0.75-1.00%, short of a sizeable shock to market sentiment and/or a massive downside surprise in the February payrolls report. |
| Note that with a March hike effectively a done deal, the key focus for markets will be the forward guidance on the prospect of rate rises ahead. | Note that with a March hike effectively a done deal, the key focus for markets will be the forward guidance on the prospect of rate rises ahead. |
| Some economists think today’s payrolls number could come a fair bit stronger than consensus expectations, not least because of a strong ADP jobs report on Wednesday, which easily beat expectations. | Some economists think today’s payrolls number could come a fair bit stronger than consensus expectations, not least because of a strong ADP jobs report on Wednesday, which easily beat expectations. |
| We’ll be tracking all the main events through the day... | We’ll be tracking all the main events through the day... |