BLBG: European Stocks Bounce Back Ahead of U.S. Jobs Data, Miners Dip
European stocks rose on Friday, reversing the previous sessionâ€™s losses, as investors turn their focus to U.S. monthly jobs data to seek clues on the outlook for the worldâ€™s biggest economy.
The Stoxx Europe 600 Index was up 0.5 percent at 08:24 a.m. in London in a broad-based rally. Only the basic resources sector fell, with mining stocks dropping along with metal prices following lower-than-expected China macroeconomic data. The Euro Stoxx 50 Index was up 0.5 percent, moving further away from a key support level representing its 50-day moving average.
Shares in Metro AG fell 1.8 percent after the German retailer reported profit that missed estimates on price reductions at its food wholesale division, especially in Russia. Hexpol AB shares surged 7.1 percent after the group posted better-than-expected quarterly profits.
Chinaâ€™s central bank tightened monetary policy by raising the interest rates it charges in open-market operations and on funds lent via its Standing Lending Facility as it shifts to reining in asset prices and inflation.
Overall, European companies have so far delivered strong, better-than-expected earnings growth but it has not been enough to lift equity markets, BNP Paribas equity and derivatives strategists write in note.