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European stocks slide further before US jobs

AFP

Brokers work at the stock exchange in Frankfurt am Main, central Germany on March 14, 2014Brokers work at the stock exchange in Frankfurt am Main, central Germany on March 14, 2014

Brokers work at the stock exchange in Frankfurt am Main, central Germany on March 14, 2014Brokers work at the stock exchange in Frankfurt am Main, central Germany on March 14, 2014

Europe's stock markets slid for a second day running on Friday in volatile trading as investors awaited key US jobs data.

London's benchmark FTSE 100 index slumped 1.46 percent to stand at 6,631.68 points around midday in the British capital.

Frankfurt's DAX 30 tumbled 2.0 percent to 9,218.38 points and the CAC 40 in Paris lost 1.32 percent to 4,190.30 compared, with Thursday's close.

Madrid shed 1.68 percent and Milan dropped 1.0 percent.

The euro edged up to $1.3391 from $1.3390 late in New York on Thursday. It had struck on Wednesday an eight-month low point at $1.3367.

European equities had tumbled on Thursday owing to international debt worries and geopolitical strains stretching from Ukraine to the Middle East.

"It's certainly been an interesting few days in the markets, with losses being witnessed across the board," said Craig Erlam, market analyst at Alpari traders.

A batch of US releases, notably the jobs data, "should make for some volatile markets in what has already been a very volatile end to the week," he added.

Asian stock markets ended their recent rally after the Dow had on Thursday posted its biggest single sell-off since February on weak eurozone data and as news of Argentina's debt default shook the market.

The drop came despite Chinese manufacturing activity increasing sharply in July and rising at its fastest pace in more than two years, according to official statistics.

National Australia Bank (NAB) predicted US jobs creation will have stayed solid for July, forecasting an increase of 230,000 in non-farm payrolls.

In foreign exchange trading ahead of the data, the euro rose to 79.55 pence from 79.29 pence on Thursday. The pound slid to $1.6834 from $1.6886.

The price of gold declined to $1,284.50 an ounce on the London Bullion Market from $1,285.25.

On the corporate side, shares in French nuclear power group Areva plunged 19.0 percent to 12.59 euros in Paris after the group reported a first-half loss and lowered its outlook.

L'Oreal slipped 2.33 percent to 123.45 euros despite the leading world cosmetics group posting a 1.5-percent rise in first-half net profits.

In London, International Airlines Group gained 1.0 percent to 334.3 pence after the company said it had increased quarterly profit thanks to improvement at its Spanish carrier Iberia, while its other main operator British Airways landed a solid performance.

IAG also announced that Iberia would be taking delivery of a fleet of new long-haul Airbus planes after signing a purchase proposal last year.

Meanwhile shares in French construction giant Vinci dropped 8.14 percent it reported its full-year sales could fall despite a 76.9 percent surge in first-half net profit.

Date created : 2014-08-01