LONDON: Europe’s main stock markets mostly shrugged off disappointing monthly US jobs data yesterday that suggested the recovery in the world’s top economy isn’t as strong as many hoped.
London’s FTSE 100 index of leading shares dropped 0.51 percent to end at 6,647.87 points. But Frankfurt’s DAX 30 was essentially stable, slipping 0.05 percent to 8,406.94 points, while the CAC 40 in Paris squeezed out a gain of 0.07 percent to 4,045.65 points. Milan shed 0.24 percent but Madrid gained 0.40 percent.
The euro rose to $1.3278 from $1.3208 late in New York on Thursday. The dollar slid to 98.88 yen from 99.52 yen. On the London Bullion Market, the price of gold dropped to $1,309.25 an ounce from $1,315 on Thursday.
Official data released yesterday showed the US unemployment rate fell to a better-than-expected 7.4 percent in July from 7.6 percent in June, but jobs growth disappointed. The Labour Department reported the United States added 162,000 jobs last month, well below the 175,000 expected on average by analysts.
US stocks slid on the jobs data. In midday trade, the Dow Jones Industrial Average was down 0.21 percent at 15,595.66 points. The broad-market S&P 500 shed 0.14 percent at 1,704.43 points, pulling back from Thursday’s record closing high. And the tech-rich Nasdaq Composite slipped 0.05 percent to 3,673.83 points.
Asian stock markets meanwhile closed higher for a second straight session following another record close on Wall Street and a string of positive economic data from China, Europe and the United States, traders said. AFP
