European shares steady ahead of U.S. jobs data
2022.08.05 10:33
The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, August 4, 2022. REUTERS/Staff
(Reuters) – European shares were subdued on Friday with all eyes on U.S. jobs data expected later in the day, while investors assessed Bank of England’s biggest rate hike in 27 years amid growing fears of a recession.
The pan-European index STOXX 600 was flat at 0705 GMT amid worries that the U.S. Federal Reserve’s aggressive pace of rate hikes would slow economic growth in the world’s largest economy.
Miners rose 0.6% as copper and most other base metals continued to find support from a weaker U.S. dollar. [MET/L]
Deutsche Post (OTC:DPSGY) added 5.8% on posting double-digit growth in revenue and earnings and confirmed its outlook for 2022.
London Stock Exchange Group (LON:LSEG) gained 1.4% on saying costs and savings targets for integrating its $27 billion acquisition of data company Refinitiv remain unchanged and it was launching a 750 million pound ($910.65 million) share buy-back.
German insurer Allianz (ETR:ALVG) fell 2.3% on posting a worse-than-expected 23% fall in second-quarter net profit.
Weighing on the oil and gas sector, crude prices languished near their lowest since the start of the conflict in Ukraine, with markets juggling concerns of supply shortage and slower demand. [O/R]
