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European markets retreated slightly on Friday after a week of roller coasters for global stocks, with investors now focusing on a key US jobs report.
The pan-European Stoxx 600 fell 0.35% at the start of trade, with autos adding 1.1% while tech stocks fell 1% to cause losses.
Markets have fluctuated sharply over the past week as global investors assess the possibility of persistently high inflation, with U.S. bond yields causing nervousness in growth-oriented tech stocks.
Asia-Pacific markets were mostly higher on Friday as Chinese stocks returned to trading after a week-long holiday with Japan leading gains in the region. New data on Friday also showed Chinese services activity returned to positive levels.
In the United States, U.S. stock futures were little changed as pre-market trading began on Friday, after a large rally in Thursday’s regular session as the Senate agreed to raise the debt ceiling until December .
Friday’s report on the non-farm payroll in the United States, a key indicator for the Federal Reserve as it prepares to slow its $ 120 billion-per-month bond buying program, is expected by economists polled by Dow Jones to show that the US economy created 500,000 jobs in September. This follows a big failure in August, when only 235,000 jobs were created against a consensus forecast of 720,000.
Back in Europe, Ireland on Thursday backed down its opposition to new global corporate tax rules, agreeing to waive its 12.5% tax on large multinational corporations, a key development for efforts to install a world minimum rate of “at least” 15%.
In business news, Stellantis is reportedly considering splitting two of its Opel factories in Germany, one of which will close temporarily next week due to the global semiconductor shortage.
Data-wise, Germany’s August trade balance stood at 13 billion euros (+ $ 15 billion) on a seasonally adjusted basis, slightly below a forecast of 15.8 billion euros.
In terms of individual share price development, Danish Netcompany climbed 5.6% to lead the Stoxx 600 after the announcement of the acquisition of Luxembourgish Intrasoft International.
At the bottom of the index, Tui plunged more than 14% as new flight and vacation cancellations continued to weigh in. The Anglo-German travel operator is planning a capital increase of 1.1 billion euros to meet a peak in holiday demand.
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