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European Shares Narrowly Mixed After Disappointing US Jobs Growth

European bourses were narrowly mixed after U.S. jobs growth was smaller than expected last month.

U.S. nonfarm payrolls rose 162,000 in July, missing expectations of a 180,000 gain. U.S. unemployment rate fell to 7.4%, the lowest level since December 2008, partly because more people dropped out of the labor force.

Some of that disappointment was offset by an upgrade by UBS of European equities, excluding the UK, to neutral from underweight. The bank cited an improving economy and availability of credit, coupled with reduced levels of fiscal austerity.

In ADR news, Royal Bank of Scotland ( RBS ) reported 1H net income of 535 million pounds ($811 million), up from a 2 billion-pound loss in the same period last year. RBS named also Ross McEwan, formerly the head of its U.K. consumer unit, as its Chief Executive Officer.

The FTSE-100 was last down 0.51% at 6,647.87, the DAX down 0.05% at 8,406.94 and the CAC-40 up 0.07% at 4,045.65.

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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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