European Stocks Drop ahead of US Payrolls Release
Stock markets across Europe took cues from losses in Nikkei and other Asian indices and fell ahead of the non-farm payrolls data release in the US.
At the time of writing, Stoxx 50 index was down almost 2%. Germany’s DAX and France’s CAC were down 1.6% each. UK’s mining heavy FTSE index traded 1.26% as well. The broader Stoxx 600 was down 1.3% as well.
Zurich Insurance Group shares were down 9%. In UK, names like Prudential, Royal Mail, Petrofac were dominating the losing side. Meanwhile, the positive side carried names like ArclorMittal, Rio Tinto, Drax Group.
Markets in Europe are ignoring an expansion in the manufacturing sector and instead following Asian equities lower. Investors now await the US monthly non-farm payrolls figure and wage growth number.
(Market News Provided by FXstreet)