RTTN: European Stocks Could See Modest Gains At Open
(RTTNews) - European stocks may post modest gains in early trading on Thursday, as a surprise jump in U.S. private sector jobs and solid growth in the service sector indicated the world's largest economy is on a steady path to recovery. That said, sentiment could remain cautious ahead of Friday's key U.S. employment report.
Closer home, economic sentiment and retail sales data from the eurozone along with factory orders data from Germany and services PMI figures from the UK are due on Thursday, headlining a moderate day for European economic news.
Asian stocks turned in a mixed performance amid the advance by the dollar against major currencies on expectations that firmer U.S. growth will buoy the currency. Japan's Nikkei average rose nearly 1.5% to its highest level in eight months on a weaker yen. Crude futures for February delivery are down marginally, while the Dow futures are little changed.
In corporate news, TAG Immobilien AG said shareholders of Colonia Real Estate AG have tendered their shares to TAG in connection with the voluntary public takeover bid.
The National Oil Spill Commission revealed that the primary cause for the blowout at British energy giant BP Plc's Macondo well was due to a risky decision and a failure of management at BP and its contractors Halliburton Co. and Transocean.
Italian cable maker Prysmian SpA said its cash-and-stock takeover offer for Dutch peer Draka Holding NV will start Thursday and end February 3.
French vaccine maker Vivalis SA said it initiated a second discovery program for human monoclonal antibodies as part of an agreement signed with Sanofi Pasteur, the vaccines division of Sanofi-Aventis Group.
European stocks closed on a mixed note Wednesday, as weak metal prices dented mining stocks, while energy shares moved higher tracking a rebound in crude oil prices. The FTSE 100 index rose half a percent to 6044, its highest closing level since June 2008, while France's CAC 40 eased 0.29% and the German DAX slipped 0.51%.
On Wall Street, positive economic data helped stocks end higher overnight, though caution ahead of Friday's monthly jobs report limited the upside. The Dow advanced 0.3%, the Nasdaq gained 0.8% and the S&P 500 ended up 0.5%.
