European Shares Gain After US Jobs Report

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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.

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This article appears in: Investing , Commodities

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

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