European Shares Seen Broadly Higher Ahead Of US Jobs Report

European stocks are seen opening mostly higher on Friday despite Apple offering a cautious outlook for revenue from Mac, iPad, and Wearables categories in the current quarter.

The monthly U.S. jobs report is likely to be in the spotlight today, with economists expecting employment to increase by 180,000 jobs in October after an increase of 336,000 jobs in September. The unemployment rate is expected to remain at 3.8 percent.

A private sector survey showed earlier today that China’s services activity expanded at a slightly faster pace in October.

Asian markets followed Wall Street higher while the dollar eased further, and Treasury yields fell on dovish Fed bets.

Gold was little changed while oil extended overnight gains on improved risk appetite in global financial markets.

In the Middle East, the Israeli army late on Thursday said that it had encircled Gaza City.

“We’re at the height of the battle. We’ve had impressive successes and have passed the outskirts of Gaza City. We are advancing,” Israeli Prime Minister Benjamin Netanyahu said in a statement.

U.S. stocks extended the week’s rally overnight and Treasury yields fell as data showing an uptick in weekly jobless claims and declining labor costs added to bets that the Fed is done raising interest rates.

The Dow jumped 1.7 percent to post its best single-day gain since June and the S&P 500 soared 1.9 percent to mark its best day since April, while the tech-heavy Nasdaq Composite added 1.8 percent, marking its best session since July.

European stocks rose for a fourth straight session on Thursday as investors reacted to a slightly dovish Fed policy statement, weak U.S. economic data and the Bank of England’s status quo decision on rates.

The pan European STOXX 600 advanced 1.6 percent. The German DAX rallied 1.5 percent, France’s CAC 40 surged 1.8 percent and the U.K.’s FTSE 100 climbed 1.4 percent.

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