Live Markets: STOXX 600 falls before payrolls test

Elis SA

06/09/2024 09:29

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      STOXX 600 down 0.3%
    

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      Focus on nonfarm payrolls
    

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      Oil stocks lag
    

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      Wall St futures lower
    

  
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STOXX 600 FALLS BEFORE PAYROLLS TEST
    Europe's STOXX 600  .STOXX  is falling 0.4%, taking its weekly drop to around 2%, before key
U.S. labour market data later on Friday. 
    Other major indexes are also falling, with major bourses in Paris  .FCHI , Frankfurt
 .GDAXI  and London  .FTSE  down between 0.3%-0.6%.
    Investors are single-minded in waiting for the U.S. payrolls data, with the Fed fixated on
the employment half of their dual mandate as the high inflation of the last two years comes
under control. 
    Should the report show a further deterioration in the labour market, recession worries will
escalate and expectations for larger and quicker rate cuts could crank up. 
    On the other hand, if the labour market shows signs of stabilising, then it will likely
allow the Fed to move more gradually and allay hard-landing worries.
    On a sector basis, energy  .SXEP  and miners  .SXPP  are weak alongside banks  .SX7P , while
defensive healthcare  .SXDP  and utilities  .SX6P  sectors are leading.
    In corporate news, France's Elis  ELIS.PA  is down over 15% after Reuters reported the
company has approached Vestis  VSTS.N  with a takeover offer.
    Here's your opening snapshot: 
    (Samuel Indyk)
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    FRIDAY'S OTHER LIVE MARKETS POSTS:
    EUROPEAN FUTURES SLIP BEFORE HOTLY ANTICIPATED JOBS REPORT CLICK HERE
        ALL ABOUT THEM PAYROLLS CLICK HERE
    

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Brent crude oil price in USD per barrel    https://reut.rs/3TlxM4q
The beleaguered yen has started bouncing back    https://reut.rs/3zasVfj
European shares fall before U.S. payrolls test    https://reut.rs/3Xh1ZT7
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