By Sara Sjolin, MarketWatch
LONDON (MarketWatch) -- A surprisingly strong jump in U.S.
nonfarm payrolls helped send European stock markets higher in
afternoon action on Friday, with the benchmark index on track for a
third straight week of gains.
The Stoxx Europe 600 index rose 0.8% to 295.45, after trading as
low as 293.53 earlier in the session.
The index opened in positive territory, but was sent firmly
higher after U.S. jobs data beat expectations. The Labor Department
said 236,000 jobs were added to the economy in February, exceeding
estimates of a 160,000 rise.
Additionally, the unemployment rate dropped to 7.7% from 7.9%,
marking the lowest level since December 2008. See: U.S. economy
gains 236,000 jobs in February
U.S. stock futures extended gains after the data. (Read more
about U:S: stock
http://www.marketwatch.com/storyno-meta-for-guid.)
European investors also found inspiration in Asia, where bourses
rose as upbeat export data from China lifted the mood. Exports in
February were 21.8% higher than they were a year earlier,
suggesting that the global economy is recovering as demand for
Chinese goods rebounds. See: China trade surplus narrows, but
exports rising
Additionally, Japan revised its growth figures for the final
quarter of 2012 to show that the economy has turned around and is
expanding. See: Japan GDP grows again, but current account weak
Back in Europe, shares of Fugro NV jumped 12% in Amsterdam as
the oil- and gas-services firm proposed raising dividends for 2012,
as revenue and earnings improved for the full year. See: Fugro net
profit up 1.4%, price pressure continues
Pointing in the other direction, shares of Clariant AG dropped
1.7% as Nomura cut the chemicals firm to reduce from buy.
Banks were also among major movers. Shares of HSBC Holdings PLC
(HBC) rose 2.5% in London, BNP Paribas SA added 4% in Paris and
Banco Santander SA (SAN) gained 2.2% in Madrid.
Among country-specific indexes, the U.K.'s FTSE 100 index added
0.6% to 6,480.48, with shares of Vodafone PLC (VOD) adding 1.5%.
The wireless telecom firm secured a 10-year deal with the New
Zealand police to deliver customized mobile services and
smartphones. See: Vodafone gets 10-year pact from New Zealand
police
France's CAC 40 index traded 1.3% higher at 3,843.15. See: FTSE
100 aims for five-year high.
Shares of France Telecom SA gained 3.7%, after Exane BNP Paribas
lifted the firm to outperform from neutral.
Outside the main index in France, shares of media group
Lagardere SCA rallied 5%, as the firm said it swung to profit in
2012. Additionally, the company said it expects to sell its stake
in Airbus owner European Aeronautic Defence & Space Co. by the
end of July. See: Lagardère 2012 net profit rises to 89mln euros
and See: Lagardère: sale of EADS stake seen by end of July
Germany's DAX 30 index gained 0.8% to 8,000.18. Shares of
ThyssenKrupp AG jumped 5.3%, as the steelmaker said its supervisory
board chairman, Gerhard Cromme, will step down from his post on
March 31. See: ThyssenKrupp Chairman Gerhard Cromme to step
down
Shares of Siemens AG (SI) gained 1.5%, after Citigroup added the
German conglomerate to its focus list with a buy rating. Citi cited
progress in its restructuring and the potential for increased
profitability and cash returns.
Outside the major indexes, shares of Credit Suisse Group AG (CS)
climbed 4.1%, after UBS lifted the Swiss bank to buy from
neutral.
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