Europe stocks close higher as global markets react to weaker-than-expected U.S. jobs report
European markets closed higher on Friday, starting November on a positive footing as traders considered the all-important U.S. jobs report.
The pan-European Stoxx 600 ended the session with a 1.11% gain, with all sectors and major bourses in positive territory. Bank stocks led the gains, up 1.68%.
The Stoxx 600 stocks closed lower on Thursday, ending October with its steepest loss for year as investors weighed corporate results, inflation data and a landmark U.K. budget.
U.S. stocks opened higher on Friday as traders weighed the October jobs report.
The U.S. nonfarm payrolls report on Friday showed that the economy added just 12,000 jobs in October, far less than the 100,000 that economists polled by Dow Jones had been expecting. It is some of the last key economic data ahead of Tuesday’s presidential election and the Federal Reserve’s next policy meeting.
“The 12K figure was much weaker than expected and we had 112k erased from the previous two months, so that has increased the room for Fed cuts,” FX Market Analyst Kyle Chapman at Ballinger Group told CNBC.Cay)
Source: CNBC
