Arab Today, arab today european stocks advance before key us payrolls data
Last Updated : GMT 12:02:44
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Arab Today, arab today

European stocks advance before key US payrolls data

Arab Today, arab today

Arab Today, arab today European stocks advance before key US payrolls data

London - AFP

European stock markets rose on Friday, before key US payrolls numbers that could shed fresh light on how soon the Federal Reserve might begin withdrawing its stimulus. London's benchmark FTSE 100 index added 0.36 percent to 6,521.78 points in midday trading, Frankfurt's DAX 30 index climbed 0.44 percent to 9,125.44 points and in Paris the CAC 40 gained 0.14 percent to 4,105.73 compared with Thursday's closing values. Later on Friday, at 1330 GMT, investors will digest the non-farm payrolls report, which will provide vital clues on the health of the world's biggest economy. "Equity markets remain relatively subdued in the run up to today's US employment number," said Rebecca O'Keeffe, head of investment at online stockbroker Interactive Investor. "Despite the probability that the Fed will wait until February or March next year to start tapering, the strength of the US economy has increased the possibility of this happening in December." In foreign exchange activity on Friday, the euro climbed to $1.3670 from $1.3595 late in New York on Thursday. Gold prices meanwhile rose to $1,229.05 an ounce on the London Bullion Market, up from $1,222.50. "US labour market data is closely watched by market participants as it is the main factor the Fed is looking at at the moment because of its importance in the context of a potential decision regarding winding down" its bond-buying stimulus programme, said Verengold Bank analyst Anita Paluch. "Euro/dollar will be driven by the sentiment of NFP numbers," she added. Asian equity markets mostly fell on Friday as better-than-forecast US growth data added to expectations the Fed will start to wind down its stimulus programme as early as this month. Sydney lost 0.23 percent, Shanghai finished 0.44 percent down and Seoul slid 0.22 percent, while Tokyo gained 0.81 percent in value. The downbeat session followed overnight losses on Wall Street, where dealers were spooked as weaker-than-expected data on private jobs creation underscored weakness in the US economy. The Commerce Department reported the US economy grew at speedy 3.6 percent in the third quarter, far above the 3.0 percent many analysts had expected. In reaction, the Dow Jones Industrial Average lost 0.43 percent to 15,821.51 points and the broad-based S&P 500 fell 0.43 percent. Both indices have declined for the last five trading days. In company news on Friday, Anglo-Dutch oil giant Shell announced that it has abandoned plans to build a US facility to convert natural gas into diesel and other fuels, citing high costs. The news sent Shell's 'B' share price jumping 2.81 percent to 2,155 pence in London.

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