Europe midday: Stocks in holding pattern ahead of US jobs report
By Michele Maatouk
Date: Friday 06 Aug 2021
(Sharecast News) - European markets are little changed come midday but off their session lows as investors waited on the release of key US jobs data.
"It's hard to know which is bigger news today, the US Non-Farm Payrolls or Lionel Messi leaving Barcelona for pastures new," said Jeffrey Halley, senior market analyst at Oanda.
"Equities will probably go up anyway as you can make a bullish case on either a high or lower [US jobs] number, and we can never underestimate the power of the FOMO-side young Jedis. I won't even guess what bonds will do; they long ago departed this world's reality."
The pan-European Stoxx 600 was edging up 0.02% to 470.15, alongside a gain of 0.17% to 15,772.22 for the German Dax, while the FSTE Mibtel was 0.75% higher at 25,857.02.
The US Department of Labor was scheduled to release the July non-farm payrolls report at 1330 BST.
Shares in Asia-Pacific were also mixed overnight as rising cases of the Covid Delta variant continued to weigh on sentiment, while investors were also eyeing the release of US jobs data later in the day.
In equity news, shares in Maersk dipped as the world's largest container shipping firm posted a sharp increase in second-quarter earnings as congestions and bottlenecks continue to drive up shipping rates.
German insurer Allianz rose as the company beat second-quarter profit expectations with €2.225bn in net income, as it raised its outlook and announced €750m share buyback program.
London Stock Exchange shares were one of the top gainers on the Stoxx 600 after it reported a 4.6% rise in first-half income.
Shares of German meal kit delivery company Hellofresh gained 2%, having early fallen to the bottom of the European blue chip index as it said it was accelerating investments and lowering profits forecasts.
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