Investing.com - European stocks were higher on Monday, despite concerns that the recovery in the U.S. labor market is losing momentum, as investors awaited the release of German data later in the day.
During European morning trade, the EURO STOXX 50 gained 0.67%, France’s CAC 40 climbed 0.76%, while Germany’s DAX 30 rose 0.32%.
Investors remained cautious after the Department of Labor on Thursday said the U.S. economy added 88,000 jobs last month, the smallest increase since last June and far below forecasts for an increase of 200,000. The U.S. unemployment rate ticked down to 7.6% from 7.7% in February.
The report came after disappointing data on U.S. manufacturing and service sector activity and private sector job creation earlier in the week.
Financial stocks were broadly higher, as French lenders Societe Generale and BNP Paribas advanced 0.87% and 1.12%, while Germany's Deutsche Bank and Commerzbank gained 0.76% and 0.53%.
Peripheral lenders added to gains, with Italian banks Intesa Sanpaolo and Unicredit rallying 0.87% and 1.15% respectively, while Spain's Banco Santander jumped 1.54%.
On the downside, Portuguese lenders Banco Espirito Santo and Banco Comercial Portugues plunged 3.95% and and 3.53%, as the government said it will carry out more spending cuts to meet the terms of its EUR78 billion bailout after the Constitutional Court blocked a plan to suspend a monthly salary payment to state workers and pensioners.
In London, commodity-heavy FTSE 100 climbed 0.53%, boosted by gains in mining stocks.
BHP Billiton and Rio Tinto advanced 1.04% and 1.11% respectively, while rival companies Polymetal and Eurasian Natural Resources surged 4.09% and 7.40%.
Copper producers Xstrata and Kazakhmys were also on the upside, gaining 1.62% and 5%.
Meanwhile, U.K. lenders tracked their European counterparts higher. Shares in HSBC Holdings added 0.20% and Barclays rose 0.25%, while Lloyds Banking and the Royal Bank of Scotland advanced 0.34% and 1.21% respectively.
In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.17% rise, S&P 500 futures signaled a 0.22% gain, while the Nasdaq 100 futures indicated a 0.24% increase.
Later in the day, Germany was to produce official data on industrial production.
During European morning trade, the EURO STOXX 50 gained 0.67%, France’s CAC 40 climbed 0.76%, while Germany’s DAX 30 rose 0.32%.
Investors remained cautious after the Department of Labor on Thursday said the U.S. economy added 88,000 jobs last month, the smallest increase since last June and far below forecasts for an increase of 200,000. The U.S. unemployment rate ticked down to 7.6% from 7.7% in February.
The report came after disappointing data on U.S. manufacturing and service sector activity and private sector job creation earlier in the week.
Financial stocks were broadly higher, as French lenders Societe Generale and BNP Paribas advanced 0.87% and 1.12%, while Germany's Deutsche Bank and Commerzbank gained 0.76% and 0.53%.
Peripheral lenders added to gains, with Italian banks Intesa Sanpaolo and Unicredit rallying 0.87% and 1.15% respectively, while Spain's Banco Santander jumped 1.54%.
On the downside, Portuguese lenders Banco Espirito Santo and Banco Comercial Portugues plunged 3.95% and and 3.53%, as the government said it will carry out more spending cuts to meet the terms of its EUR78 billion bailout after the Constitutional Court blocked a plan to suspend a monthly salary payment to state workers and pensioners.
In London, commodity-heavy FTSE 100 climbed 0.53%, boosted by gains in mining stocks.
BHP Billiton and Rio Tinto advanced 1.04% and 1.11% respectively, while rival companies Polymetal and Eurasian Natural Resources surged 4.09% and 7.40%.
Copper producers Xstrata and Kazakhmys were also on the upside, gaining 1.62% and 5%.
Meanwhile, U.K. lenders tracked their European counterparts higher. Shares in HSBC Holdings added 0.20% and Barclays rose 0.25%, while Lloyds Banking and the Royal Bank of Scotland advanced 0.34% and 1.21% respectively.
In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.17% rise, S&P 500 futures signaled a 0.22% gain, while the Nasdaq 100 futures indicated a 0.24% increase.
Later in the day, Germany was to produce official data on industrial production.