Markets

European Equities Ricochet from Gains to Losses and Back Amid Disappointing US Jobs Data

European stock markets closed higher but gave up some gains made earlier in the day on Friday after disappointing jobs data was published in the US triggering speculation that a US rate rise may not be on the horizon until next year.

Some 142,000 new jobs were created in the US in the month of September, well below the 200,000 that had been forecasted.

Previously, there had been some expectation that the Federal Reserve would raise interest rates this year if economic reports such as the closely-watched monthly labor report continued to present a positive picture of sustained growth in the world's largest economy. The dismal September figures may prompt the Fed to delay lifting the interest rate till 2016.

Separate data showed a 0.8% decline in industrial producer prices in the euro area in August 2015 compared to July 2015, according to estimates from Eurostat, the statistical office of the European Union.

In company news, a sell-off was spread across multiple sectors in the UK, Germany and France.

On London's FTSE 100 Index, miners Fresnillo, Glencore and Randgold Resources rose 1.6%, 4.4% and 4.2%, respectively, while decliners were led by information services company Experian, down by 3.8% while Wolseley, a distributor of plumbing and heating products, shed 2.8% and building materials company CRH fell by 1%.

On Frankfurt's DAX, energy companies RWE and E.On led gainers, up 6.8% and 6.3%, respectively. while airline Deutsche Lufthansa rose 4.1% and steel maker ThyssekKrupp added 2.4%.

And on Paris' CAC-40, steel maker ArcelorMittal added 6.6%, Electricite de France added 2.3% and oil company Total rose 2.2%.

The FTSE 100 closed higher 0.95%, the DAX edged 0.46% higher and the CAC-40 ended up 0.73%.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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