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Europe treads water with US employment report – 08/05/2022 at 11:11


EUROPEAN STOCK EXCHANGES ARE DEVELOPING CAREFULLY

PARIS (Reuters) – The main European stock markets are moving in a cautious mode on Friday, as investors limit risk-taking as the publication of the monthly employment report in the United States approaches.

In Paris, the CAC 40 lost 0.03% to 6,511.56 points at 08:03 GMT. In London, the FTSE 100 lost 0.19% and in Frankfurt, the Dax advanced by 0.07%.

The EuroStoxx 50 index is down 0.02%, the FTSEurofirst 300 and the Stoxx 600 are up 0.01%.

Investors therefore expect at 12:30 GMT the publication of the official report on job creations in the United States for the month of July as well as its component on the evolution of the average hourly wage.

Economists polled by Reuters expect an average of 250,000 non-agricultural job creations after 372,000 the previous month.

“I think the jobs data will continue to tell us that inflation is high and job growth is solid and that will continue to raise expectations for monetary tightening from the Federal Reserve,” Gennadiy Goldberg said. , strategist at TD Securities.

On the stock market, the global advertising giant WPP fell 7.71% in London after its results and forecasts, dragging in its wake the competitor Publicis (-1.76%), the red lantern of the CAC 40.

Insurer Allianz lost 2.05% after posting a bigger-than-expected drop in net profit in the second quarter due to market volatility and restructuring costs.

Still in Frankfurt but this time up, Deutsche Post climbed 5.55% after reporting quarterly results above expectations.

At the sector level, the Stoxx energy index dropped 0.73% still under the effect of the lowest levels in six months reached by crude oil prices. TotalEnergies, Shell and BP lost 1.21% to 1.62%.

(Written by Laetitia Volga, Editing by Kate Entringer)



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