Do More With Reuters
Partner Services

Europe shares rise in early trade; jobs data eyed

Fri Nov 6, 2009 1:47pm IST
 
Email | Print | | Single Page
[-] Text [+]

LONDON, Nov 6 (Reuters) - Europe shares rose in early trading on Friday, ahead of a key U.S. employment report, with banks and miners gaining.

At 0813 GMT, the FTSEurofirst 300 index of top European shares was up 0.3 percent at 993.48 points.

The European benchmark is up more than 53 percent from its lifetime low of March 9, as investors have become more confident on the prospects for economic recovery.

Miners rose as gold prices hovered around $1,090 an ounce and copper prices rose. Anglo American (AAL.L: Quote, Profile, Research), Antofagasta (ANTO.L: Quote, Profile, Research), BHP Billiton (BLT.L: Quote, Profile, Research) and Vedanta (VED.L: Quote, Profile, Research) rose between 0.7 and 1.3 percent.

Royal Bank of Scotland (RBS.L: Quote, Profile, Research) rose 2.2 percent. The bank reported an operating loss of 1.5 billion pounds ($2.5 billion) in the third quarter as it took 3.3 billion pounds of bad debts and profits at its investment bank arm more than halved from the previous quarter. [ID: nL6671701]

BNP Paribas (BNPP.PA: Quote, Profile, Research), HSBC (HSBA.L: Quote, Profile, Research) and Credit Suisse (CSGN.VX: Quote, Profile, Research) rose between 0.3 and 1.7 percent.

U.S. stocks jumped on Thursday, with the Dow Jones industrial average .DJI closing above 10,000 for the first time in two weeks, as economic data boosted confidence in the recovery and strong results from Cisco Systems (CSCO.O: Quote, Profile, Research) suggested a rebound in technology spending.

At 1330 GMT, investors' attention will switch to the United States, where the key nom-farm payrolls data is due. According to a Reuters poll, 175,000 jobs were lost in October, down from 263,000 in September.

"It's going to get tougher for the market to rise further as economic surprises lessen," said Bernard McAlinden, investment strategist, NCB Stockbrokers. "But a good labour report today could see the market testing post-recovery highs soon. Cisco showing top-line growth was a major factor. People already know about cost-cutting." (Reporting by Brian Gorman)

India Investment Summit 2009
India Investment Summit 2009

Top executives and bankers discuss their own plans and the broader opportunities and challenges for India during the Reuters India Investment Summit in Mumbai and Bangalore.  Full Coverage | Blog 

Hugh Hefner
PLAYBOY SALE
An icon bows to changing times

With his Playboy Enterprises in talks to be sold for about $300 million, the 83 year-old Hugh Hefner will be giving up control over the iconic adult entertainment empire he founded that was instrumental in shaping society's opinions on nudity, sex and free speech.  Full Article 

Market Update

  • IndiaIndia
  • USUS
  • UKUK
  • Asia
  • Most Actives

SPECIAL REPORT

Himangshu Watts
India's food dilemma

Indian farms are failing to attract capital or talent, either from rich landlords or the students who graduate from agricultural universities.  Full Article | Related Story 

showcase

U.S. Recession
U.S. Recession

A trip through the epicenters of the American recession.  Full Coverage 

 
Central Banks Cautious
Central Banks Cautious

Reuters tracks the policies of the world's top central banks as the debate over global economic recovery rages on.   Full Coverage 

 
T P Raman
Column - RBI leads the world

Reserve Bank of India's approach ring-fenced the banking system.   Full Article 

 
Funding Blues
Funding Blues

A popular tactic used by Indian brokerages to raise money for rich clients is likely to be banned.  Full Article 

 
Not Enough Jobs
Not Enough Jobs

Venture capital creates jobs, but not enough.  Full Article 

 
Column - A Sweet Dream
Column - A Sweet Dream

There are good reasons for Ferrero to consider a combination with Cadbury.  Full Article