European stocks today:European stocks fell for a fifth straight session on Friday as caution prevailed ahead of crucial U.S. jobs data, the last such report on the labor market before the Federal Reserve’s policy decision on Sept. 18.
The pan-European STOXX 600 index .STOXX fell 0.6 percent. The index is down 3 percent so far this week and is on track to snap its four-week winning streak.
Germany’s DAX index .GDAXI fell 0.7 percent after data showed the country’s industrial output fell 2.4 percent in July, compared with analysts’ forecast for a 0.3 percent drop.
Britain’s benchmark FTSE 100 index .FTSE fell 0.5 percent. British house prices rose 0.3 percent in August from July, compared with a 0.2 percent increase expected for the month.
Energy stocks .SXEP were the biggest drag on markets, falling 1.1 percent as oil prices hovered near 14-month lows, followed by rate-sensitive banks .SX7P which fell more than 1.2 percent.
All eyes will be on US nonfarm payrolls data due at 1230 GMT, which is expected to show the US economy added 160,000 jobs in August, up from 114,000 in July. The unemployment rate is forecast to fall to 4.2% from 4.3%.
“Given the mixed economic signals, coupled with the focus on Federal Reserve interest rate cuts, the market reaction to this report is difficult to predict,” said Kathleen Brooks, head of research at XTB.
“Some argue that this payrolls report poses a downside risk to US stock markets regardless of the outcome.”
Money markets currently see a 57 percent chance that the U.S. central bank will cut rates by 25 basis points in September and that a full easing of 111 basis points will occur by the end of 2024.
The Eurozone under review GDP Second quarter data will be released at 0900 GMT.
Among stocks, Raiffeisen Bank RBIV.VI fell 7.4 percent after a Russian court froze shares in the lender’s Russian unit, which the company had planned to spin off.
Volvo Cars VOLCARb.ST fell 4.1 percent, hitting a seven-month low. The Swedish carmaker cut its margin and revenue ambitions for the second time in a year on Thursday, a day after abandoning its goal of making exclusively electric vehicles by 2030.
Airbus AIR.PA fell 1.1 percent after Europe’s aviation safety regulator ordered inspections of the engines of its A350-1000 planes following an engine fire on a Cathay Pacific flight earlier this week.
France’s Elis ELIS.PA fell 16 percent after it emerged the workplace supplies provider had approached Vestis VSTS.N, the former uniform rental business of Aramark ARMK.N, with a takeover offer.
Poland’s InPost INPST.AS rose 8.2 percent as it decides whether to exercise its call option for the remaining stake in Britain’s Menzies before the end of this year.
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.