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14:47 2006/11/04
European shares close higher on US jobs data; dollar rises sharply
LONDON: European stock markets finished the week on a positive note yesterday, rebounding from falls the day before on the back of strong jobs data in the US.
London??™s FTSE 100 index of leading shares showed some weakness, closing down 0.02% at 6,148.10 points, but in Paris the CAC 40 gained 0.49% to 5,336.30 points and in Frankfurt the Dax added 0.29% to close at 6,241.15 points.
Shares in Paris and Frankfurt had fallen by more than 1.0% on Thursday over concerns about higher interest rates in the eurozone.
Yesterday, The DJ Euro Stoxx 50 index of top eurozone shares increased 0.40% to 3,990.46 points.
The euro stood at 1.2708 dollars.
US stocks wobbled yesterday after the latest non-farm payrolls report showed major improvements to recent job creation but also triggered inflation concerns, traders said.
In late morning trade, the Dow Jones Industrial Average was down 0.10% at 12,006.85 after rising more than 40 points in early trade.
The tech-heavy Nasdaq composite 0.33% to 2,326.21 and the broad-market Standard and Poor??™s 500 index fell back 0.13% to 1,365.60.
Data showed US employers added 92,000 new jobs in October, a weaker-than-expected figure, but the US Labour Department revised up its estimate of jobs creating in the past two months by 139,000.
The department also said the US unemployment rate fell to 4.4% of the working population ??“ the lowest since May 2001 ??“ from 4.6% in September.
In London, the FTSE 100 was weighed down by British Airways, whose share price closed down 3.39% at 449.25 pence.
Elsewhere in Europe, in Milan the Sp.Mib closed 0.58% higher at 39,811 points, in Madrid the Ibex 35 hit a new record of 13.794.7 points, up 0.55%, while in Brussels the Bel 20 rose 1.04% to 4,180.68 points.
In Amsterdam, the AEX closed down 0.81% at 487.9 points and the Swiss SMI gained 0.61% to 8,698.49 points.
The dollar, meanwhile, moved sharply higher against the euro here yesterday on news of a fall in the US unemployment rate and the upward revision of job creation figures for August and September.
The single European currency in late-day trade was at $1.2705 after 1.2776 late Thursday in New York.
For now, the improvement on the jobs front coupled with a higher than expected rise in average hourly wages have combined to diminish expectations that the US Federal Reserve will cut borrowing costs any time soon.
The euro itself remains relatively well-supported after European Central Bank president Jean-Claude Trichet gave firm hints on Thursday that eurozone interest rates would rise again in December.
The euro was changing hands at 1.2705 dollars against $1.2776 on Thursday, ??149.99 (149.66), ??0.6683 (0.6694) and 1.5947 Swiss francs (1.5911).
The dollar stood at ??118.10 (117.11) and 1.2555 Swiss francs (1.2450).
The pound was being traded at $1.9011 (1.9084). ??“ AFP
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