European stocks close lower after strong U.S. jobs report

European markets closed lower on Friday afternoon after a key U.S. jobs report showed unexpected strength in the labor market.


The pan-European Stoxx 600 closed down by 0.8 per cent provisionally, shortly after the release from the Bureau of Labor Statistics. Tech stocks fell 2.4 per cent as most sectors and major bourses dipped into negative territory.


Nonfarm payrolls stateside increased by 528,000 in July, well above the 258,000 projected by Dow Jones estimates and defying signs that the economic recovery is fading.

The show of strength will be interpreted by investors as increasing the likelihood that the U.S. Federal Reserve will act more aggressively to bring down inflation, since the risk of such action tipping the economy into recession is diminished.


Markets have traded sideways this week as investors reacted to a slew of corporate earnings. The European blue chip index closed the previous session fractionally above the flatline.

The Bank of England on Thursday hiked interest rates by 50 basis points while forecasting U.K. inflation to peak above 13% in October and the economy to enter a prolonged recession in the fourth quarter. Stateside, stocks slid after the jobs report as Wall Street assessed what a strong labor market would mean for the Fed’s rate tightening campaign.


Shares in Asia-Pacific closed mostly higher overnight, with Taiwanese stocks leading gains in the region as investors shook off China’s military drills following U.S. House Speaker Nancy Pelosi’s visit to Taiwan.


Earnings continued to drive individual share price movement in Europe. Allianz, Deutsche Post, the London Stock Exchange Group and WPP were among the companies reporting before the bell on Friday.




Abuja Civil Servant reveals (FREE) secret Fruits that Increased his Manh0d size, gives Stronger Erections and ends Premature Erection in 7days...




%d bloggers like this:
Fake Richard Mille Replica Watches, The ceramic upper and lower cases are imported from Taiwan and are processed by ATPT ceramics to form Y-TZP ceramics. After high-tech anti-fingerprint technology, they present a delicate and soft sub-black material. This color quality has remained unchanged for a hundred years. The color and luster are more detailed to achieve the ceramic tone visual pattern electroplating upper and lower shells that are infinitely close to the original products, with anti-reflective coating sapphire glass! The tape uses a soft and delicate Malaysian imported top rubber strap, and the movement is equipped with an imported Seiko NH movement. The buckle of this version is made according to the original size and thinness, making it feel more comfortable and intimate, the highest version on the market Richard Mille Replica