The major US equity market averages have begun the day in a mixed fashion, with a small retreat on the Nasdaq Composite but gains on the Dow Jones Industrials and S&P 500.

That comes despite the release of a better-than-expected, but notoriously misleading, reading for the ADP employment survey. The results of this report are used by many as a sort of leading indicator for the monthly employment report which is then released on each subsequent Friday.

Acting as a backdrop, the President of the Federal Reserve bank of Philadelphia, Charles Plosser, has thrown his 'hat in the ring' this afternoon with those who argue that the central bank needs to begin to taper its program of asset purchases so as to be able to wind it down before the end of this year.

Company news-flow this morning is rather negative, with negative quarterly results out from several retailers, including Big Lots, Staples and Abercrombie&Fitch. The shares of the latter are now cratering by 8%.

The Federal Reserve's Beige Book will be released at 19:00.

Private sector employment rose by 198,000 persons during the month of February (Consensus: 170,000). The previous month's reading has been revised higher, to show a gain of 215,000, versus the preliminary reading of 192,000.

Front month West Texas crude futures are now falling by 0.44% to the 90.39 dollar level on the NYMEX.

10 year US Treasury yields are now rising by 3 basis points to the 1.93% mark.

AB

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