Europe News

Euro Stocks Likely to Drift Ahead of U.S. Jobs Data


European shares are seen opening little changed on Friday after a four-day winning run, as markets look to the U.S. non-farm payrolls data to cement expectations for a further cut in interest rates.

"The Fed has made it crystal clear that the next policy moves should be data dependent so strong data today could spoil expectations of another imminent Fed ease at the October 31 Federal Open Market Committee," Bear Stearns economists said in a note.

According to a Reuters poll of economists, the U.S. economy added a solid but unspectacular 100,000 jobs in September, bouncing back from the first drop in monthly hiring in four years during August.

Friday marks the last day of the mostly-cash 71 billion euro takeover bid for ABN AMRO by a consortium led by Royal Bank of Scotland, which is expected to trump a mostly-shares offer from rival Barclays.

Bookmakers see Britain's FTSE 100 opening up 6 to 7 points, Germany's DAX flat to 10 points lower and France's CAC 40 slipping 4 to 6 points.