European Shares Decline Ahead of Crucial U.S. Jobs Data

European shares fell for the fifth consecutive session on Friday, influenced by apprehension surrounding pivotal U.S. jobs data set to be released. The STOXX 600 index dropped by 0.4%, with Germany's DAX index also declining due to poor industrial production statistics. Energy stocks further dragged the markets down.


Devdiscourse News Desk | Updated: 06-09-2024 12:59 IST | Created: 06-09-2024 12:59 IST
European Shares Decline Ahead of Crucial U.S. Jobs Data
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European shares experienced a setback for the fifth straight day on Friday as markets remained cautious ahead of the key U.S. jobs report, the final one before the Federal Reserve's crucial monetary policy announcement on September 18.

The pan-European STOXX 600 index declined by 0.4% at 0711 GMT, marking a 3% drop for the week and potentially breaking its four-week winning streak. Germany's DAX index also fell by 0.5% after disappointing data revealed a 2.4% fall in the country's industrial production for July, significantly worse than the expected 0.3% decline.

Energy stocks were the hardest hit, dropping 0.8% as oil prices hovered near their lowest levels in 14 months. Market participants are now eagerly awaiting the U.S. non-farm payrolls report at 1230 GMT, which is expected to show the addition of 160,000 jobs in August, up from 114,000 in the previous month. The unemployment rate is anticipated to fall to 4.2% from 4.3%.

Additionally, the Eurozone's revised GDP data for Q2 is slated for release at 0900 GMT. Among individual stocks, Airbus saw a decline of 1% after Europe's air safety regulator mandated engine inspections of its A350-1000 jets following a recent engine fire on a Cathay Pacific flight. France's Elis SA fell by 10.5% after reports surfaced that the workplace supplies provider approached Vestis with an acquisition offer.

(With inputs from agencies.)

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