European Shares Gain After US Jobs Report


European stocks rose as investors focused on a strengthening economy instead of the prospects for Fed tapering after a stronger-than-expected jobs report.

The US added 203,000 nonfarm workers last month following a revised 200,000 gain in October, the strongest back-to-back gain since February-March. The median economist estimate in a Bloomberg survey called for a 185,000 advance. The jobless rate fell to 7% in November, a five-year low. Economists had forecast the rate would fall to 7.2%.

In ADR news, Total ( TOT ) agreed to buy a stake in InterOil Corp.'s ( IOC ) assets in Papua New Guinea. TOT will acquire 61.3% of a license that includes IOC's Elk and Antelope gas fields in the country and get the right to invest in further exploration blocks. IOC valued the deal at as much as $3.6 billion. Separately, HSBC initiated coverage on TOT at overweight.

Royal Dutch (RDS.A) was initiated by HSBC at overweight.

BP ( BP ) is started at overweight by HSBC.

Vodafone ( VOD ) was upgraded by Berenberg to buy from hold and Exane BNP Paribas upgraded it to neutral from underperform.

STMicroelectronics ( STM ) slips after NYSE Euronext said late Thursday the chip maker will be removed from the CAC 40 index and be replaced by Alcatel-Lucent ALU, effective Dec. 23.

The FTSE-100 was last up 0.83% at 6,551.99, the DAX up 0.96% at 9,172.41 and the CAC-40 up 0.72% at 4,129.37.

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

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

This article appears in: Investing , Commodities

Referenced Stocks: BP , IOC , STM , TOT , VOD

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