Europe Factors to Watch-Shares set to rise; eyes on U.S. payrolls
PARIS Nov 7 (Reuters) - European stocks were set to climb on Friday while remaining in a tight range as investors refrain from chasing stocks higher ahead of key U.S. monthly jobs data.
At 0714 GMT, futures for Euro STOXX 50, for UK's FTSE 100, for Germany's DAX and for France's CAC were up 0.4-0.6 percent.
U.S. employers likely hired new workers at a fairly brisk clip last month, underscoring the economy's resilience in the face of slowing global demand. According to a Reuters survey, employers probably added 231,000 new jobs to their payrolls after boosting them by 248,000 in September. The unemployment rate is forecast holding steady at a six-year low of 5.9 percent.
"A strong number is certainly going to increase the heat on the interest rate-related arguments," Naeem Aslam, chief market analyst at Ava Trade, said in a morning note.
"However, the Fed are already conscious of the 1937 blunder when they went overly confident in raising their interest rate and then had to face the wall of shame by lowering the economy in recession."
On the earnings front, ArcelorMittal will be in focus after the world's largest steelmaker reported a higher-than-expected profit in the third quarter and said improvements in its steel business were more than offsetting weak mining operations.
German insurer Allianz will also be in the spotlight after it raised the amount of profit it will pay shareholders as a dividend and promised to keep the cash flowing after unveiling a forecast-beating jump in net profit in the third quarter.