LONDON – European stocks ended lower on Friday afternoon, giving up early gains after a weaker-than-expected U.S. jobs report clouded global sentiment.
Pan-European Stoke 600 It closed down 1.15%, with losses on all major exchanges and nearly all sectors. Technology stocks and mining stocks were the biggest decliners, falling 2.39% and 2.41% respectively. Healthcare stocks were the rare outlier, rising just 0.02%.
The benchmark ended the week down 2.5%, its biggest weekly loss since the sell-off in early August.
Wall Street fell after the August jobs report showed payrolls rose by 142,000, below the 161,000 forecast by analysts surveyed by Dow Jones. The unemployment rate fell as expected, from 4.3% to 4.2%.
US stocks In early trading, the S&P 500 fell 1.63%, heading for its worst week since April. The Nasdaq also fell 2.48%.
A slew of data from the U.S. this week has been weaker than expected, including manufacturing survey, Job vacancies and Private sector employmentintensifying expectations that the Federal Reserve will cut interest rates by 50 basis points instead of 25 basis points at its September 18 meeting. CME Group’s FedWatch tool has a near-50% chance of an eventual 50 basis point rate cut, up from levels before the latest release.
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In Europe, Volvo Cars fell to its lowest level since January. Swedish car manufacturer Thursday said It will scale back medium-term profit and revenue targets, as well as a target to sell all electric and plug-in hybrid vehicles by 2023.
Investors were also concerned about news that the European Union Aviation Safety Agency had ordered inspections of the aircraft. rolls royce Manufactures engines for the Airbus A350-1000 aircraft and is used by many airlines. Earlier, a Cathay Pacific A350 flight from Hong Kong to Zurich was forced to land due to a fire in the fuel system. Trigger fleet-wide inspection As well as replacing many engine parts.
Next week, UK employment and wage data and economic growth data will be released, and the European Central Bank’s next monetary policy meeting will be held after the summer vacation.
The European Central Bank is widely expected to Suspended in July.
