Europe markets open to close; key U.S. jobs report, earnings in focus

Europe markets open to close; key U.S. jobs report, earnings in focus

LONDON — European markets were slightly lower on Friday morning as investors followed corporate earnings and awaited a key US jobs report.

The pan-European Stoxx 600 was down 0.3% by late morning, with media stocks shedding 1.3% to lead the losses while telecommunications added 0.6%.

Markets endured a cautious week as investors reacted to a flurry of corporate earnings. The European blue chip index closed the previous session slightly above the flatline.

The bank of england Thursday, interest rate hike of 50 basis points while forecasting that UK inflation will peak above 13% in October and the economy will enter a prolonged recession in the fourth quarter.

Friday’s US jobs report, due at 1.30pm London time, will likely offer clues about the Federal Reservemonetary tightening trajectory and the state of the US economy.

Economists expect 258,000 jobs were added in July, compared to 372,000 in June, according to Dow Jones. Unemployment is expected to remain at 3.6%.

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U.S. Equity Futures were flat in early premarket trading as Wall Street looks to post modest gains for the week.

Asia Pacific Equities were mostly higher overnight, with Taiwan stocks leading the gains in the region as investors shrugged off Chinese military drills after Visit to Taiwan by Speaker of the United States House of Representatives Nancy Pelosi.

Earnings continued to drive individual stock prices in Europe. Allianz, Deutsche Post, the London Stock Exchange Group and WPP were among the companies that reported before the bell on Friday.

British financial services company Hargreaves Lansdown was the Stoxx 600’s best performer, adding 5.7% after beating earnings expectations, while Deutsche Post added 4.4% after beating second-quarter profit expectations.

WPP fell more than 7% to the bottom of the index after the British advertising giant after its first half results.

On the data front, French industrial production rose unexpectedly in June, posting a strong monthly increase of 1.4% despite forecasts of a 0.2% contraction amid ongoing supply chain issues. energy supply and crisis.

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