Europe open: Stoxx flat ahead of US jobs data; Iveco surges
By Frank Prenesti
Date: Friday 07 Feb 2025
(Sharecast News) - European shares were flat at the open on Friday as investors, wearied by a deluge of corporate earnings and the turmoil of a potential trade war between US President Donald Trump and any economy in his sights, turned their attention to American jobs data.
The pan-regional Stoxx 600 index barely moved the needle in early deals having hit an intra-day record on Thursday. Britain's FTSE 100 was in a similar position a day after the Bank of England cut its base rate by 25 basis points and signalled more cuts for this year amid fears of anaemic growth.
UK growth forecasts by the central bank were halved to 0.75%.
Meanwhile, January US jobs data is expected to show non-farm payrolls growth to come in at 169,000 new jobs, compared with the 256,000 jobs added in December. The unemployment rate is tipped to remain unchanged at 4.1%.
On the economics front, German industrial production slumped in December, official data showed on Friday, as Europe's biggest economy ended 2024 on the back foot.
According to provisional data from the Federal Statistical Office production slid by a surprise 2.4%, to the lowest level since the May 2020. It also reversed November's downwardly revised 1.3% increase.
In equity news, shares in Iveco Group surged as the Italian truck maker said it was mulling a demerger of its defence unit and forecast a moderate increase in annual operating profit.
Banco Sabadell gained as Spain's fourth-largest lender posted better-than-expected quarterly profit.
Reporting by Frank Prenesti for Sharecast.com
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