EUROPE MARKETS: European Stocks Break Five-day Losing Streak

Date : 12/06/2013 @ 4:39AM
Source : Dow Jones News
Stock : BP P.L.C. (BP)
Quote : 34.46  -0.22 (-0.63%) @ 7:18PM

EUROPE MARKETS: European Stocks Break Five-day Losing Streak

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By Sara Sjolin, MarketWatch

LONDON (MarketWatch) -- After five days mired in the red, European stock markets moved higher on Friday with investors waiting for the all-important nonfarm-payrolls report from the U.S. later in the day to gauge if it strengthens the tapering argument for the Federal Reserve.

The Stoxx Europe 600 index rose 0.4% to 315.71, trimming its weekly loss to 3%.

Shares of Berkeley Group Holdings PLC rallied 9.6% after a well-received earnings report.

Shares of Royal Dutch Shell PLC (RDSB) climbed 1.8% after HSBC initiated coverage of the oil major with an overweight rating. HSBC also started coverage of Total SA (TOT), up 0.5%, BP PLC (BP), 0.8% higher, and BG Group PLC , up 1.4%, with overweight ratings.

The analysts said the sector remains out of favor with investors, but that the companies' robust underlying cash flows aren't being recognized.

More broadly, investors waited for the data highlight of the week in the form of the U.S. nonfarm payrolls out at 1:30 p.m. London time, or 8:30 a.m. Eastern. Economists polled by MarketWatch expect 180,000 new jobs to have been added to the economy in November, while the unemployment rate is likely to fall to 7.2% from 7.3%.

A strong number could spark a selloff in the equity markets, as it would give the Federal Reserve more evidence that the economy is improving and strengthen the case for tapering its $85-billion-a-month asset purchases. What to look for in U.S. employment report

U.S. stock futures pointed to a higher open on Wall Street.

Among country-specific indexes in Europe, the U.K.'s FTSE 100 index rose 0.3% to 6,519.78 and France's CAC 40 index gained 0.4% to 4,144.81. Germany's DAX 30 index picked up 0.6% to 9,135.41.

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