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European stocks diverge on US jobs report

European stock markets have diverged after a mixed report on US jobs while the euro recovered ground against the dollar after a strong week for the greenback.

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The Paris CAC 40 dropped 0.89 per cent to 4,189.89 points on Friday, while in Frankfurt the DAX 30 fell 0.91 per cent to 9,291.83, but London’s benchmark FTSE 100 index added 0.25 per cent to 6,567.24 points thanks to gains by mining stocks.

Madrid slumped 1.32 per cent and Milan shed 0.99 per cent.

The markets focused on mixed US jobs data that showed the jobs count came in below the 235,000 expected by analysts while the unemployment rate fell one-tenth of a percentage point to 5.8 per cent, its lowest level since July 2008.

“European markets were meandering around opening levels for the best part of the day in anticipation of volatility from across the pond coming from the US non-farm payrolls employment report,” CMC Markets UK analyst Jasper Lawler said.

“The fireworks didn’t happen though and European investors took profits largely undoing all the gains made this week,” he added.

Wall Street was more stable after the Department of Labour’s report.

The Dow Jones Industrial Average edged down 0.02 per cent to 17,550.90 points in midday trading.

The broad-based S&P 500 added 0.06 per cent to stand at 2,032.47 points, while the tech-rich Nasdaq Composite Index slid 0.26 per cent to 4,626.86.

Briefing深圳桑拿网会所, analyst Patrick O’Hare called the report “more good than bad, but not indisputably great.”

Europe’s markets had rallied on Thursday as European Central Bank chief Mario Draghi signalled that the ECB was readying further stimulus measures if needed to combat deflation and stagnation within the eurozone.

The euro had slumped on the news, but recovered some ground on on Friday.

The single European currency climbed to $US1.2423 from $US1.2371 late in New York on Thursday. The euro had at one point on Thursday struck $US1.2365 – the lowest level for more than two years.

On Friday, the euro rose to 78.41 British pence from 78.15 pence, while the British pound climbed to $US1.5845 from $USUS1.5829 on Thursday.

On the London Bullion Market, the price of gold reached $USUS1,154.50 an ounce, up from a 4.5-year low of $US1,131.24 on Thursday – a level matched also on Friday.

On the corporate front, mining companies shot higher after some recent heavy losses caused by falling metals prices.

Silver producer Fresnillo shot up 4.9 per cent to 734 pence, BHP Billiton climbed 3.0 per cent to 1,676 pence, and Anglo American gained 2.7 per cent to 1,364.5 pence.

Fallers were led by the banks, with Societe Generale shedding 2.4 per cent to 36.18 euros, Deutsche Bank giving up 1.62 per cent at 24.66 euros, and Standard Chartered losing 1.45 per cent to 946.10 pence.

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