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Europe: Stock markets rise at open

Friday, June 2, 2017 - 15:50

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[LONDON] Europe's main stock markets advanced in opening deals on Friday, as forecast-busting jobs figures boosted hopes of a bright non-farm payrolls date later today.

London's benchmark benchmark FTSE 100 index of major blue-chip firms was up 0.4 per cent to 7,576.76 points in initial trade.

In the eurozone, Frankfurt's DAX 30 index won 0.6 per cent to 12,735 points, while the Paris CAC 40 also added 0.6 per cent to 5,347.86 compared with the closing level on Thursday.

Asian equities meanwhile headed into the weekend with another round of gains, following a record close for all three major New York indices.

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Market voices on:

Wall Street advanced as payrolls firm ADP said the world's biggest economy created more than a quarter of a million jobs in May, far more than expected and boosting hopes for government figures due later in the day.

"The markets are looking pretty buoyant this morning, boosted by the prospect of this afternoon's non-farm jobs report," noted Spreadex analyst Connor Campbell.

A healthy reading in the non-farm payrolls report Friday will likely be the rubber stamp the Federal Reserve needs to hike interest rates again later this month, with traders hoping for forward guidance on its plans for the future.

There appeared to be little major impact from Donald Trump's controversial decision to withdraw the United States from the Paris climate agreement.

"As global leaders decried Donald Trump's decision to withdraw the US from the Paris climate accord, investors were quietly pumping funds into the stock market," said CMC Markets analyst Jasper Lawler.

"Dumping the climate deal has not really hurt of hindered investor appetite for risk."

"If anything, The Donald taking a difficult decision to fulfil a campaign pledge is welcome if the same can be done with respect to tax policy."

Analysts said Mr Trump's decision to withdraw the United States from the Paris climate agreement was already priced in and did not have a clear short-term, market-moving impact.

AFP

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