european stocks stable before us jobs data
Last Updated : GMT 15:30:33
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European stocks stable before US jobs data

Arab Today, arab today

Arab Today, arab today European stocks stable before US jobs data

London - AFP

European stock markets and the euro steadied on Friday before key US payrolls data, while London investors tracked media shares after the shock closure of Rupert Murdoch\'s News of The World tabloid newspaper. In midday deals, London\'s benchmark FTSE 100 index of top shares gained 0.20 percent to 6,066.03 points, Frankfurt\'s DAX 30 added 0.38 percent to 7,499.37 points and the Paris CAC 40 firmed 0.03 percent to 3,980.96. In foreign exchange deals, the euro eased to $1.4308 from $1.4356 late on Thursday in New York. Global financial markets were waiting for the publication later in the day of the US non-farm payrolls report. The Labor Department report on payrolls and unemployment was expected to show a gain of 80,000 jobs in June and the jobless rate steady at 9.1 percent, according to the consensus of forecasters. That would be only marginally better than May, when 54,000 jobs were added. But some recent data suggest the picture may be brighter. Payrolls firm ADP said Thursday that private businesses, excluding the farm sector, added 157,000 jobs in June, a solid jump after the tepid 36,000 increase in May over April. \"All eyes are on June\'s US labour market report today,\" said Commerzbank analysts in a note to clients. \"Following the positive surprise of the ADP data yesterday, many analysts have already increased their expectations for today\'s figures.\" European equities had risen on Thursday as the data helped offset persistent concerns over how and when the eurozone debt crisis can be resolved. Asian stocks traded mostly higher on Friday, with Tokyo up 0.66 percent, Sydney gaining 1.07 percent and Hong Kong rising 0.80 percent. Wall Street surged Thursday on the back of the upbeat data, with the Dow gaining 0.74 percent and the broader S&P 500 winning 1.05 percent. Menawhile, an interest rate rise by the European Central Bank (ECB) gave limited support to the euro. The ECB on Thursday lifted its key interest rate by 0.25 percentage points to 1.50 percent in an expected move as it battles to tame inflation. The bank also announced it would suspend its collateral criteria for debt issued or guaranteed by Lisbon, meaning Portuguese banks will not be cut off from central bank funds and removing the threat of a liquidity crunch. Back in London trade on Friday, the media sector was in focus, one day after media mogul Rupert Murdoch decided to shut down his scandal-hit News of the World tabloid, which is the biggest-selling Sunday newspaper in Britain. Shares in pay-TV giant BSkyB dived on uncertainty over News Corp.\'s bid to take full control of the satellite broadcaster, in the wake of the phone hacking scandal. In late morning deals, BSkyB shares shed 3.33 percent to 785 pence, topping the fallers board on the FTSE 100. However, rival media groups were boosted by speculation that their newspapers would benefit from the closure of the News of the World. The price of shares in Trinity Mirror, publisher of the Daily Mirror, the Sunday Mirror and The People, jumped by 10 percent at one stage. The stock, boosted also by a broker upgrade from Deutsche Bank, later stood at 51.45 pence, up 7.19 percent from the closing level on Thursday. Shares in the Daily Mail & General Trust, which has the Daily Mail and the Mail on Sunday among its assets, rose by 1.20 percent to 478.9 pence.

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