european stocks buoyed by bright us jobs data
Last Updated : GMT 06:49:16
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Last Updated : GMT 06:49:16
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European stocks buoyed by bright US jobs data

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Arab Today, arab today European stocks buoyed by bright US jobs data

European stock markets mostly
London - Arab world

 European stock markets mostly rose on Monday, as investor enthusiasm grew over bright jobs data in the United States.

Asian equities also advanced Monday, spurred by the strong US figures which raised optimism over health of the world's biggest economy.

Stocks started the week where the Dow left off Friday after the rosy employment figures had sent the US blue-chip index to an eighth straight record finish.

London and Paris pushed ahead on Monday but Frankfurt was hobbled by lacklustre second-quarter earnings from German healthcare giant Fresenius.

"European stock markets are quiet this morning," said analyst David Madden at CMC Markets UK.

"The FTSE 100 is outperforming the eurozone benchmarks ...  as mining companies are helping the London market.

"Glencore, Anglo American, Rio Tinto and BHP Billiton are some of the biggest gainers on the FTSE 100 as the price of iron ore moved higher in Asia overnight."

Rosy US jobs numbers sent Wall Street higher on Friday, with the Dow Jones Industrial Average rising to an eighth straight record finish.

The US Labor Department reported that the economy added more than 200,000 net new positions for the second straight month -- well above forecasts -- with the unemployment rate falling back to a 16-year low.

Analysts said the robust job creation figures coupled with rising wages could spur the Federal Reserve to raise the cost of borrowing a third time this year to keep a tight rein on inflation. 

"The combination of stronger jobs and wage growth, a fall in the unemployment rate and an increase in the participation rate all scream a strong labour market," added Greg McKenna, analyst at AxiTrader.  

"That, in turn, reinforces the Fed's path back toward policy normalisation and suggests the tapering of the balance sheet will begin soon and more rate hikes are coming."

- 'Broad-based growth' -

The prospect of higher rates has provided modest support for the greenback. 

Continuing political turmoil in Washington had cast doubt on President Donald Trump's stalled economic growth agenda and dragged the dollar down, and market-watchers warned the outlook for the dollar remains uncertain. 

"Given typical August liquidity conditions, we could be in for a bumpy week as the market irons out if we're in a short-term USD correction or a trend reversal," said Oanda analyst Stephen Innes. 

In commodities trading, US crude was trading at around $49 as a meeting of leading oil-exporting countries gets underway to examine why some producers were failing to fully implement cuts to rein in global supply. 

- Key figures around 1030 GMT -

London - FTSE 100: UP 0.2 percent at 7,523.80 points

Frankfurt - DAX 30: DOWN 0.2 percent at 12,270

Paris - CAC 40: UP 0.2 percent at 5,212.40

EURO STOXX 50: FLAT at 3,509.59

Tokyo - Nikkei 225: UP 0.5 percent at 20,055.89 (close)

Hong Kong - Hang Seng: UP 0.5 percent at 27,690.36 (close)

Shanghai - Composite: UP 0.5 percent at 3,279.46 (close)

New York - Dow: UP 0.3 percent at 22,092.81 (close)

Euro/dollar: UP at $1.1799 from $1.1770 at 2100 GMT on Friday

Pound/dollar: UP at $1.3045 from $1.3041

Dollar/yen: UP at 110.80 yen from 110.68 yen 

Oil - Brent North Sea: DOWN 77 cents at $51.65 per barrel 

Oil - West Texas Intermediate: DOWN 71 cents at $48.91

source:AFP

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