May 6, 2016 / 7:26 AM / 2 years ago

European shares open lower ahead of U.S. payrolls report

(ADVISORY- Reuters plans to replace intra-day European and UK stock market reports with a Live Markets blog on Eikon - see cpurl://apps.cp./cms/?pageId=livemarkets for site in development. See the bottom of the report for more details)

* FTSEurofirst 300 down 0.3 pct

* ArcelorMittal lower after profit drops

* Monte Paschi higher after results

MILAN, May 6 (Reuters) - European shares fell in early trading on Friday, hit by a drop in ArcelorMittal, as investors await the U.S. April payrolls report for more clues about the interest rate outlook in the world’s largest economy.

Economists forecast Friday’s payrolls data will show U.S. employers added 202,000 workers in April following a 215,000 increase in March, with the jobless rate holding at 5.0 percent.

The pan-European FTSEurofirst 300 index was down 0.4 percent by 0721 GMT, weiged down by losses among minining and energy stocks. The index is on course for its second straight week of losses.

Among top fallers, ArcelorMittal fell 2 percent after its first-quarter core profit fell by about a third, while Man Group fell 6.9 percent, hit by a downgrade by Citi to “sell”.

On the upside, Monte dei Paschi rose 5 percent after first-quarter net profit at the battered Italian lender beat forecasts due to lower loan loss charges, an increase in commissions and falling costs. ADVISORY- Reuters plans to replace intra-day European and UK stock market reports with a Live Markets blog on Eikon (see cpurl://apps.cp./cms/?pageId=livemarkets for site in development). In a real-time, multimedia format from 0600 London time through the 1630 closing bell, it will include the best of our market reporting, Stocks Buzz service, Eikon graphics, Reuters pictures, eye-catching research and market zeitgeist. Breaking news and dramatic market moves will continue to be alerted to all clients and we will continue to provide a short opening story and comprehensive closing reports.

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Mike Dolan, Markets Editor EMEA.

Reporting by Danilo Masoni

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