(RTTNews.com) - The European markets staged a recovery Friday, following three days of losses. However, the markets pared their gains in late trade after markets on Wall Street turned definitively lower.
Bargain hunting and the rebound in crude oil prices fueled early gains in Europe. Traders continue to keep a close eye on the developments from the OPEC meeting in Vienna.
However, the weaker than expected U.S. jobs report for November soured the mood among traders in the afternoon.
The pan-European Stoxx Europe 600 index advanced 0.64 percent. The Euro Stoxx 50 index of eurozone bluechip stocks increased 0.43 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, added 0.78 percent.
The DAX of Germany dropped 0.21 percent, but the CAC of France rose 0.68 percent. The FTSE 100 of the U.K. gained 1.28 percent and the SMI of Switzerland finished higher by 0.94 percent.
In Frankfurt, enterprise software vendor SAP rallied 1.29 percent after it announced free access for SAP partners to SAP Cloud Platform.
Healthcare firm Fresenius plunged 16.63 percent after saying its ambitious Group targets for 2020 would not be met.
In Paris, Renault rose 0.31 percent. The Nikkei business daily reported that Tokyo prosecutors plan to indict former Nissan Motor Chairman Carlos Ghosn on December 10 for financial misconduct.
In London, real estate investment trust Land Securities Group jumped 2.26 percent. The company has expanded its presence in Southwark with the acquisition of a 1.6 acre site in Lavington Street, SE1 for 87.1 million pounds.
Homebuilder Berkeley Group Holdings rose 1.39 percent after reporting its first-half earnings.
Associated British Foods tumbled 4.38 percent. The food processing and retailing company has warned of challenging trading at Primark in the run-up to Christmas.
Fiat Chrysler Automobiles NV slid 0.59 percent in Milan on a Wall Street Journal report that it plans to open a new vehicle factory in Detroit.
Eurozone's economic growth rate halved in the third quarter as estimated initially, latest figures from the Eurostat showed on Friday. Gross domestic product grew 0.2 percent from the second quarter, when it increased 0.4 percent.
Germany's industrial production in October unexpectedly dropped for the first time in three months, suggesting that manufacturing is yet to recover from a slowdown despite some improvement in demand.
Industrial production dropped 0.5 percent from September, when they grew 0.1 percent, revised from 0.2 percent, preliminary figures from the Federal Statistical Office showed on Friday. Economists had forecast a 0.3 percent increase.
UK house price inflation slowed more-than-expected in November to its lowest level since December 2012, figures the Lloyds Banking Group subsidiary Halifax showed on Friday. The house price index rose 0.3 percent year-on-year in the three months to November, after a 1.5 percent increase in the three months to October. Economists had expected 1 percent growth.
After reporting strong job growth in the previous month, the Labor Department released a report Friday morning showing employment in the U.S. increased by much less than expected in the month of November.
The report said non-farm payroll employment rose by 155,000 jobs in November after surging up by a downwardly revised 237,000 jobs in October. Economists had expected employment to climb by about 200,000 jobs compared to the jump of 250,000 jobs originally reported for the previous month.
Meanwhile, the report said the unemployment rate in November remained unchanged for the second straight month at 3.7 percent, holding at its lowest level since hitting 3.5 percent in December of 1969.
A preliminary report released by the University of Michigan on Friday showed U.S. consumer sentiment has held steady in the month of December. The report said the consumer sentiment index for December came in at 97.5, unchanged from the final November reading. Economists had expected the index to dip to 97.0.
Wholesale inventories in the U.S. increased by slightly more than anticipated in the month of October, according to a report released by the Commerce Department on Friday. The Commerce Department said wholesale inventories advanced by 0.8 percent in October after climbing by an upwardly revised 0.7 percent in September.
Economists had expected inventories to rise by 0.7 percent compared to the 0.4 percent increase originally reported for the previous month.
Read the original article on RTTNews (http://www.rttnews.com/2961165/european-markets-pared-early-gains-after-wall-street-drops.aspx)
For comments and feedback: contact email@example.com