European stocks diverge before US jobs report

GMT 14:21 2014 Friday ,07 November

Arab Today, arab today European stocks diverge before US jobs report

German stock exchange in Frankfurt
London - AFP

European stock markets diverged on Friday and the euro recovered ground against the dollar after a strong week for the US currency as attention turned to upcoming American jobs data.
London's benchmark FTSE 100 index climbed 0.59 percent to stand at 6,589.64 points, with support coming from rebounding miners that offset falls for banks.
Elsewhere in early afternoon deals, Frankfurt's DAX 30 was down 0.22 percent at 9,356.41 points and the CAC 40 in Paris lost 0.49 percent to 4,206.86 compared with Thursday's closing value.
Friday sees the release of US jobs data for October, with the market expecting a solid improvement to openings in the world's biggest economy.
"In focus today it'll all be about the US Jobs report with the non-farm payroll additions," said Mike van Dulken, head of research at traders Accendo Markets.
Europe's markets had rallied on Thursday as European Central Bank chief Mario Draghi signalled that the ECB was readying further stimulus measures if needed to combat deflation and stagnation within the eurozone.
The Federal Reserve last week ended the US central bank's multi-billion-dollar stimulus package, but the Bank of Japan unexpectedly ramped up its own asset-buying plan in a bid to jumpstart its economy.
The US data "will give markets a further indication of US economic performance, particularly in the wake of the Fed’s recent ending of its QE (stimulus) programme", said Daniel Sugarman, market strategist at traders ETX Capital.
"While no-one's hurrying to stand in front of a 'mission accomplished' banner just yet, the general feeling is that the US economy is strengthening significantly, and markets will be hoping that the payroll numbers confirm this view.
"The estimate is for an increase of 231,000; in the past any result significantly above or below the estimated figure has caused significant market jitters," he added.  
In foreign exchange, the euro climbed to $1.2403 from $1.2371 late in New York on Thursday. The European single currency had at one point Thursday struck $1.2365 -- the lowest level for more than two years.
On Friday, the euro climbed to 78.33 British pence from 78.15 pence, while the British pound edged up to $1.5832 from $1.5829 on Thursday.
On the London Bullion Market, the price of gold reached $1,145 an ounce, up from a 4.5-year low of $1,131.24 on Thursday -- a level matched also on Friday.
On the corporate front, mining companies shot higher after some recent heavy losses caused by falling metals prices.
Silver producer Fresnillo won 3.29 percent to 722.5 pence, Anglo American gained 2.52 percent to 1,362.5 pence and BHP Billiton climbed 2.28 percent to 1,665 pence.
Fallers were led by the banks, with Standard Chartered losing 1.76 percent to 943.1 pence, Societe Generale shedding 2.71 percent to 36.0 euros, Santander down 1.84 percent to 6.65 euros and Deutsche Bank showing a fall of 1.30 percent at 24.35 euros.


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