Investing.com - European stocks were higher on Friday, boosted
by better-than-expected manufacturing data from the euro zone,
while investors eyed a highly anticipated U.S. employment report
later in the day.
During European morning trade, the EURO STOXX 50 rose 0.35%,
France's CAC 40 jumped 0.89%, while Germany's DAX 30 advanced
Markit research group said that Spain's manufacturing purchasing
managers' index rose to 46.1 in January from a reading of 44.6 the
previous month, beating expectations for an improvement to 45.5.
Italy's PMI manufacturing rose to 47.80 last month from 46.70 in
December, above expectations for an increase to 47.60.
In addition, Markit said that the euro zone's manufacturing PMI
ticked up to 47.9 in January from 47.5, beating expectations for
the index to remain unchanged.
Meanwhile, investors were looking ahead to U.S. data on nonfarm
payrolls data later Friday, after Wednesday's ADP nonfarm payroll
report showed that the U.S. private sector added 192,000 jobs in
January, above expectations for an increase of 165,000.
Financial stocks were broadly higher, as shares in French lenders
BNP Paribas and Societe Generale jumped 1.43% and 1.38%, while
Germany's Deutsche Bank and Commerzbank climbed 0.86% and 1.24%
Bloomberg reported earlier that France's third largest bank, Credit
Agricole, up 1.57%, was set to book EUR2.68 billion of goodwill
writedowns in the fourth quarter to reflect stricter rules and a
Auto stocks also trended higher, led by German groups Daimler and
Volkswagen, up 0.65% and 1.38% respectively.
In London, commodtiy-heavy FTSE 100 climbed 0.56%, boosted by gains
in oil and mining stocks, while data showed that manufacturing
activity in the U.K. fell more-than-expected in January.
Oil and gas major Anglo American was on the upside, with shares
rallying 1.48%, while rival company BP advanced 0.48% and Tullow
Oil surged 2.15%.
Meanwhile, mining giants Rio Tinto and BHP Billiton climbed 1.94%
and 0.94%, while copper producers Xstrata and Kazakhmys jumped
0.89% and 1.51% respectively.
Elsewhere, financial stocks were mixed. Shares in Barclays inched
up 0.01% and HSBC Holdings eased up 0.04%, while Lloyds Banking
rose 0.60%. The Royal Bank of Scotland fell 0.20% on the other
In the U.S., equity markets pointed to a lower open. The Dow Jones
Industrial Average futures pointed to a 0.48% increase, S&P 500
futures signaled a 0.38% rise, while the Nasdaq 100 futures
indicated a 0.42% gain.
Later in the day, the U.S. was to release the closely watched
government report on nonfarm payrolls and the unemployment rate,
while the Institute of Supply Management was to publish a report on
In addition, the University of Michigan was to produce revised data
on consumer sentiment.
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