European Bourses Firm After Weak US Jobs Data Feeds Hopes Fed Will Maintain Loose Monetary Policy

By Staff,

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European stocks were just firmer after disappointing US jobs growth fed speculation the Federal Reserve would keep monetary policy on hold for a while longer.

Nonfarm payrolls rose by 148,000 in September, below the Bloomberg estimate for 180,000. The jobless rate unexpectedly fell to 7.2% from 7.3% in August. The report was delayed due to the government shutdown. Its original release date was Oct 4.

In ADR news, ARM Holdings ( ARMH ) reported Q3 earnings of GBP 0.0511, in line with the Capital IQ consensus of GBP 0.05. Revenues were GBP 184 million, versus the analyst estimate of GBP 174.60 million. Licensing revenue in the U.S. was up 52% year over year while order backlog was up 3% quarter over quarter. For Q4, the company said it expects strong licensing revenues as its enters the quarter with a "record order backlog and a robust opportunity pipeline." The company adds that it expects group dollar revenues for Q4 to be in-line with current market expectations of about $290 million.

Transocean ( RIG ) will replace Dell ( DELL ) in the S&P 500 after the close of trading on Oct. 28.

BHP Billiton ( BHP ) raised its projection for full-year iron-ore production to 212 million tons this year, compared with its earlier forecast of 207 million tons.

The FTSE-100 was last up 0.62% at 6,695.66, the DAX up 0.9% at 8,947.46 and the CAC-40 up 0.43% at 4,295.43.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: ARMH , BHP , DELL , RIG

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