Arab Today, arab today european stocks advance on solid us jobs data
Last Updated : GMT 04:23:09
Arab Today, arab today
Arab Today, arab today

European stocks advance on solid US jobs data

Arab Today, arab today

Arab Today, arab today European stocks advance on solid US jobs data

London - Arab Today

Europe's main stock markets pushed higher on Friday as jobs data showed the recovery in the US economy is back in form after catching a winter cold. London's FTSE 100 index climbed 0.56 percent compared with Thursday's closing value to stand at 6,686.20 points in afternoon trading . Frankfurt's DAX 30 rose 0.54 percent to 9,681.15 points and the CAC 40 in Paris won 0.35 percent to 4,464.76. Investors had been keenly awaiting March non-farm payrolls data to see if the US economic recovery will get back on track after a severe winter cold-snap dented activity. Labor Department data showed private employers boosted hiring to 192,000 jobs in March, just a shade below analysts' average estimate of 195,000 net new jobs. "The equity markets got exactly what they wished for -- healthy rather than hyperbolic job growth, and the likelihood that the taper pace will stay put," said Marcus Bullus, trading director at MB Capital. Moreover, revisions showed stronger gains in the first quarter, despite severe winter weather. "Payrolls are now thought to have risen by an average of 178,000 so far this year, which is hardly anything to worry about," said economist Rob Wood at Berenberg Bank in London. "With government spending cuts and tax increases easing markedly, US growth should remain strong and jobs gains solid," he added. However the US jobless rate remained unchanged from February at 6.7 percent as the number of unemployed held steady at 10.5 million. -- Data cements market perceptions -- Analysts agreed that that positive jobs data means the US Federal Reserve will likely continue cutting each month the amount of monetary stimulus it injects into the economy. "Overall, the employment data won't change any perceptions that the economy is growing at a decent but sluggish pace," Briefing.com said. "More importantly, the data also won't change any perceptions as to how the Fed might act." Markets now expect the Fed to begin raising its ultra-low interest rates in the middle of next year. The jobs data helped Wall Street open higher Friday, with the Dow Jones Industrial Average up 0.29 percent to 16,621.36 points after five minutes of trading. The broad-based S&P 500 increased 0.38 percent to 1,896.02, while the tech-rich Nasdaq Composite Index added 0.37 percent to 4,253.23 Asian markets were mixed with mild profit-taking following a healthy week of gains, with the focus now on the release of US jobs data later in the day. Hong Kong stocks fell 0.24 percent, Seoul shed 0.28 percent and Tokyo eased 0.05 percent, while Sydney won 0.24 percent and Shanghai added 0.74 percent. With few catalysts to drive trade, many investors in Asia took the opportunity to cash in gains after a broad global rally this week that has been fuelled by upbeat data including on manufacturing and US private-sector jobs. The euro meanwhile was steady in cautious trading after the head of the European Central Bank said Thursday that its board had talked about monetary easing and interest rate cuts, with the 18-nation zone threatened by deflation. The shared eurozone unit was stable at $1.3716 from $1.3717 late on Thursday in New York. The dollar stood at 103.83 yen from 103.94 on Thursday. The European single currency drifted upwards to 82.67 British pence from 82.65 pence, while the pound dropped to $1.6591 from $1.6597. On the London Bullion Market, the price of gold advanced to $1,293.50 an ounce from $1,284 on Thursday.

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