Losses in Euro markets after US employment

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With losses that intensified after the publication of the data on the US labor market, but are kept at fully controlled levels by the hour, the main European indices are moving in the last session of the week.

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The data is seen as critical to the Federal Reserve’s decisions regarding the course of monetary policy in the coming months.

Analysts expected to see the U.S. economy add 258,000 jobs in July, but the number was well above estimates of 528,000 new jobs.

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On the board, the pan-European Stoxx Europe 600 index widened losses to 0.5% and 436 points after the data was released, following Wall Street futures which moved sharply lower.

Germany’s DAX lost 0.1% to 13,647.77, France’s CAC 40 fell 0.4% to 6,484.53, while Britain’s FTSE 100 fell 0.1% to 7,440.61.

In the region, Italy’s FTSE MIB lost 0.2%, while Spain’s IBEX 35 recorded marginal losses of 0.1%.

Elsewhere, the Bank of England raised interest rates by 50 basis points on Thursday, while warning that inflation is expected to peak above 13% in October, with the economy heading into recession in the fourth quarter.

The oil sector lost 1.2 percent as oil prices hovered near their lowest levels since the outbreak of war in Ukraine amid growing concerns that slowing global growth will hit demand hard in coming months.

On the results front, Deutsche Post jumped 6% after reporting double-digit growth in revenue and profit for the latest quarter.

Strong gains of more than 2% are also noted by the London Stock Exchange Group after the announcement of earnings that exceeded estimates. In contrast, Allianz lost 2.1% after the German insurance giant said profit fell 23% in the second quarter.

Source: Capital

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