European stocks traded higher on Friday as the release of the US non-farm payrolls data is in the spotlight, which is expected to give hints as to when the Federal Reserve would begin tapering.
The pan-European Euro Stoxx 50 edged 0.30% higher at 2,962.15, while the German DAX moved up 0.55% at 9,133.60. At the same time the French CAC 40 rose 0.34% higher, standing at 4,113.74 and the UK benchmark FTSE 100 advanced 0.23% higher, standing at 6,513.30.
President of the European Central Bank (ECB) Mario Draghi made a speech at a press conference following the central bank’s meeting on Thursday, as the eurozone’s annual gross domestic product (GDP) is expected to rise 1.5% by 2015.
Governing Council member of ECB Ewald Nowotny is expected to give a speech in a press conference at the Austrian central bank on the release of the economic forecasts at 9:00am GMT.
Meanwhile in Germany, the Federal Ministry of Economic and Technology will post Factory orders for October at 11:00am GMT, with forecasts of a 1% decline compared to the 3.3% increase recorded in the previous month.
The Federal Statistics Office of Switzerland posted the Consumer Price Index (CPI), rising by 0.1% in November.
Stocks – US Labour Data
The ADP employment report showed a 215,000 rise in November, advancing from the previously recorded 184,000 rise seen in October and above the forecasted 170,000 rise.
The US Department of Labour is expected to post its initial jobless claims data by 1:30pm GMT, with forecast of an increase to 321,000 people, a slight rise from 316,000 registered in the week before.
The Labour sector in the US is one of the key determinants for the US economy and also determines whether and when the Federal Reserve would begin to taper; a positive report from the Labour market would mean the US Central bank could start to taper in the next Fed Meeting scheduled on December 17-18.
As forecasted, the ECB maintained its benchmark interest rate at 0.25% at its December meeting. In addition, ECB President Mario Draghi commented on the inflation for next year, with expectations for inflation to reach 1.1% and the eurozone could face a long period of low inflation, according to Draghi.
Win a luxurious trip to the Maldives & up to $30,000 cash for trading with us!
Visit for details http://alturl.com/2kysk
The post Stocks in Europe Edges Higher with US Payrolls in Spotlight appeared first on | HY Markets Official blog.
Article provided by HY Markets Forex Blog
