European shares dip after ECB rally; eyes on U.S. payrolls
* FTSEurofirst 300 down 0.6 pct, dips from 6-1/2 yr high
* Index set to post fourth weekly gain in a row
* Focus on U.S. jobs data at 1230 GMT
* Citi sees stocks as 'super cheap' relative to credit
By Francesco Canepa
LONDON, Sept 5 (Reuters) - European stocks fell on Friday as traders cashed in on recent gains, fuelled by fresh monetary stimulus in Europe, and awaited U.S. jobs data for insight on growth and future interest rates in the world's largest economy.
After a surprise rate cut and other easing measures from the European Central bank on Thursday, the focus shifted to the outlook across the Atlantic, with investors weighing the prospect of stronger economic growth against the chance of early monetary tightening by the Federal Reserve.
Economists predict that nonfarm payrolls, due at 1230 GMT, increased 225,000 last month, according to a Reuters survey. That would mark the seventh straight of U.S. job expansion above 200,000 jobs - a stretch last witnessed in 1997.
Should employment meet expectations it would add to recent bullish data, though solid jobs growth alone would not be enough to persuade the Fed to move early on rates. Continuación...