LONDON — European markets were slightly lower on Friday morning as investors followed corporate earnings and awaited a key US jobs report.
The pan-European Stoxx 600 was down 0.3% by late morning, with media stocks shedding 1.3% to lead the losses while telecoms added 0.6%.
Markets endured a cautious week as investors reacted to a flurry of corporate earnings. The European blue chip index closed the previous session slightly above the flatline.
The Bank of England raised interest rates by 50 basis points on Thursday while forecasting that UK inflation will peak above 13% in October and the economy will enter a prolonged recession in the fourth trimester.
Friday’s US jobs report, due at 1.30pm London time, will likely offer clues to the Federal Reserve’s monetary tightening trajectory and the state of the US economy.
Economists expect 258,000 jobs to have been added in July, down from 372,000 in June, according to Dow Jones. Unemployment is expected to remain at 3.6%.
U.S. stock futures were flat in early premarket trading as Wall Street looks to make modest gains for the week.
Stocks in Asia-Pacific were mostly higher overnight, with Taiwanese stocks leading the gains in the region as investors shrugged off Chinese military drills after the U.S. House Speaker’s visit. United, Nancy Pelosi, Taiwan.
Earnings continued to drive individual stock prices in Europe. Allianz, Deutsche Post, the London Stock Exchange Group and WPP were among the companies that reported before the bell on Friday.
British financial services firm Hargreaves Lansdown was the top performer on the Stoxx 600, adding 5.7% after beating earnings expectations, while Deutsche Post added 4.4% after beating earnings expectations. profits in the second quarter.
WPP fell more than 7% to the bottom of the index after the British advertising giant after its first half results.
On the data front, French industrial production rose unexpectedly in June, posting a strong monthly increase of 1.4% despite forecasts of a 0.2% contraction amid ongoing supply chain issues. energy supply and crisis.
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