European Shares Up, Sentiment Boosted By Better-than-Expected US Jobs Report

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European stocks are ending the week higher, with sentiment boosted by a better-than-expected U.S. jobs report.

The U.S. Labor Department said 163,000 jobs were added in July, the highest number since February. The increase, however, was not enough to prevent a 0.1 point increase in the unemployment rate, to 8.3%. The nonfarm payrolls exceeded the 100,000 median estimate of economists surveyed by Bloomberg News.

In ADR news, Royal Bank of Scotland ( RBS ) were up around 7% although its first-half net loss widened to 1.99 billion pounds ($3.09 billion) and the bank warned that it faced several potential lawsuits over allegations that it tried to fix interbank lending rates. But separately, the UK government is considering buying out the 18% stake private investors hold in RBS to fully nationalize the bank. According to the Financial Times, a full takeover of RBS would help boost business lending to companies.

Siemens ( SI ) jumped 7% after it said it will repurchase as much as 3 billion euros ($3.7 billion) in stock by the end of the year.

The FTSE-100 was last up 2% at 5,787.28, the DAX was up 4% at 6,865.66 and the CAC-40 up 4.5% at 3,374.19.



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: RBS , SI

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