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.
Europe bourses in 2014: (link.reuters.com/pad95v)
Asset performance in 2014: (link.reuters.com/rav46v) ------------------------------------------------------------------------------ > GLOBAL MARKETS-ASIAN SHARES SLUMP, EURO WALLOWS NEAR > US STOCKS-DOW, S&P 500 HIT RECORDS IN VOLATILE TRADING > NIKKEI RISES AS WEAK YEN HELPS EXPORTERS; TAKATA SLIDES > TREASURIES-U.S. YIELDS RISE ON ECB, CORPORATE SUPPLY BEFORE JOBS DATA > FOREX-DOLLAR INDEX HITS 4-YEAR HIGH AS U.S. JOBS TEST LOOMS > GOLD POISED FOR THIRD WEEKLY DROP; US JOBS DATA IN FOCUS > METALS-LONDON COPPER STEADY AHEAD OF U.S. PAYROLLS > BRENT DROPS BELOW $83, BUT U.S. JOBS DATA COULD BUOY PRICES
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.
The German insurer 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.
The owner of the Cartier luxury brand, reported a bigger-than-expected decline in first-half profit on currency hedging losses and said weak demand in China would make for a challenging holiday trading period.
The world’s second largest reinsurer said on Thursday net profit rose more than expected in the third quarter, helped by muted natural catastrophe claims, and that it was on track to reach its financial targets.
The Belgian pharmaceutical group said on Friday that it agreed to sell its specialty generics business Kremers Urban to private equity groups Advent International and Avista Capital Partners for $1.525 billion in cash.
The group reported on Friday a 7.7 percent drop in nine-month core earnings, dragged down by its recession-hit domestic business and a slowdown in Brazil, but the company said it saw concrete signs of recovery in the Italian market.
U.S. regulators plan to join their UK peers in a multi-billion-dollar settlement with a group of the biggest global banks accused of manipulating the foreign exchange market, sources familiar with the matter said, adding the deal could come as early as next week.
Global oil companies could further delay major projects as they try to save on capital, and activity in the North Sea could be lower over the next one to two years, Norwegian oil services firm Aker Solutions said on Friday.
The firm announced its long-awaited 1 billion euro ($1.24 billion) capital increase on Friday, with Mexican tycoon Carlos Slim’s America Movil as well as Austrian state holding company OIAG taking up new shares.
The Nordic region’s biggest builder posted on Friday a bigger rise than expected in third-quarter order intake and operating profit, and said the overall construction market developed positively. (Reporting by Blaise Robinson; Editing by Sudip Kar-Gupta)