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European Shares Edge Up After Weak US Jobs Data Sparks Speculation Fed Will Stay on Hold For Now
9/6/2013 12:05:00 PM
By: MT Newswires
European stocks firmed after U.S. August payrolls gained a less-than-expected 169,000 jobs.
The jobless rate fell to 7.3% from 7.4%. July payrolls also were revised down by 50,000 to 112,000.
The weaker-than-expected jobs growth sparked new speculation that the Fed will hold off on its bond-tapering program now.
The advance, though, was capped by ongoing worries over Syria. Russian President Vladimir Putin vowed to support Syria against any Western military strike.
Around the region, Germany's exports fell 1.1% on the month in July, while imports increased by 0.5%. The data are adjusted for calendar and seasonal effects. The country's adjusted trade surplus came in at 14.5 billion euros ($19 billion) in July, below experts' expectations of EUR16 billion. June's adjusted trade surplus was EUR15.8 billion, a slight revision from the EUR15.7 billion first reported.
Germany's industrial output fell an adjusted 1.7% in July, reversing a revised 2% gain in June. Economists were looking for a dip of just 0.5%. Adjusted for working days, industrial output fell 2.2%.
Moody's Investors Service changed the outlook for Germany's banking system to stable from negative, which it had been since April 2008.
Halifax said UK house prices in August rose 0.4% from July and were 5.4% higher than a year earlier, the biggest annual increase since June 2010.
In July, house prices increased 0.9% from June, and were up 4.6% from July last year.
Overall UK industrial production was flat in July compared with June, and was 1.6% lower on an annual basis.
The Office for National Statistics said the deficit on goods was 9.9 billion pounds ($15.45 billion) in July, considerably wider than June's deficit of GBP8.2 billion. It is also the biggest trade gap in nine months.
French consumer sentiment rose to 84 in August from 82 in July, Insee said.
Greek Q2 GDP was revised to down 3.8% year-on-year, up from a previous estimate of down 4.6%.
In ADR news, Ericsson ( ERIC ) was upgraded to outperform from neutral at Credit Suisse.
Diageo plc ( DEO ) firmed after Citigroup upgraded the shares to buy and raised its target price.
The FTSE-100 was last up 0.23% at 6,547.33, the DAX up 0.49% at 8,275.67 and the CAC-40 up 1.06% at 4,049.19.