European equities mixed ahead of Easter break


(MENAFN- AFP) European equity markets were mixed on Thursday ahead of the long Easter holiday weekend and on the eve of critical US jobs data, dealers said.

In afternoon deals, London's benchmark FTSE 100 index of top companies added 0.15 percent to 6,816.06 points and the CAC 40 in Paris was up 0.10 percent to 5,067.33 points.

Frankfurt's DAX 30 index dipped 0.2100 percent to 11,976.04 points compared with Tuesday's closing level, hit partly by ongoing worries over Greece.

All three main European stock markets will remain closed on Friday and Monday for public holidays, before reopening for business on Tuesday.

The region's indices had risen slightly Wednesday on the back of upbeat manufacturing data in China and the eurozone.

"The quarter has hardly got off to a fantastic start for stock markets in Europe and the UK ... with the shortened week and the presence of US job numbers tomorrow (Friday)," said IG analyst Chris Beauchamp.

In foreign exchange activity on Thursday, the European single currency rose to $1.0835 from $1.0760 late in New York on Wednesday, as dealers awaited Friday's US non-farm payrolls figures.

"The business week finishes today for many ahead of the extended Easter weekend; however, non-farm payrolls are still to be released tomorrow," said analyst Angus Campbell at trading firm FxPro.

US stocks edged up in opening action Thursday as traders took a cautious stance with Wall Street also set to be closed on Friday.

Five minutes into trade, the Dow Jones Industrial Average added 0.07 percent to 17,710.49 points.

The broad-based S&P 500 gained 0.08 percent at 2,061.31, while the tech-rich Nasdaq Composite rose 0.13 percent to 4,886.73.

- Rocky weeks ahead -

London's market won a lift from news of rebounding fourth-quarter sales at retailer Marks & Spencer.

M&S shares rallied as much as 6.13 percent in early trades before later standing up 4.71 percent at 555.50 pence, still topping the FTSE 100 risers board.

Asian stock markets climbed Thursday after the previous day's losses, but expectations for a Federal Reserve interest rate hike were hit by weak US data.

Hong Kong advanced 0.77 percent, Tokyo jumped 1.46 percent, Shanghai rose 0.41 percent and Sydney rose 0.64 percent in value.

Analysts have warned of rocky weeks ahead after a strong rally across global equity markets in the first three months of the year, as Greece attempts to reform its bailout and oil prices struggle.

Expectations for an early summer US rate hike were also dashed Wednesday after data showed growth in the manufacturing sector slowed for the fifth straight month in March and construction spending dipped in February, led by a decline in public construction.

On Thursday data on US trade in February and initial claims for unemployment last week showed signs of strength in the economy.

But it was not clear how that would translate into the Labor Department's March jobs report on Friday, and traders will not have much chance to react to that until the beginning of next week.


AFP

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