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Published: Saturday 21 September, 2013

outlet clothing outlet clothing ?European stocks advance on US jobs data

European stock markets have posted sharp gains as traders welcomed modest US job creation data.

After treading water earlier in the session, European equities advanced after the Labor Department announced that the US economy added 175,000 jobs in May, scotching worries that job creation had slumped but not likely so strong as to push the US Federal Reserve to begin tapering its monetary stimulus program.

Londons FTSE 100 index of leading shares closed up 1.20 per cent to 6,411.99 points on Friday, while in Frankfurt the DAX 30 index jumped 1.92 per cent to 8,254.68 points and in Paris the CAC 40 climbed 1.53 per cent to 3,872.59 points.

Milan rose by 1.0 per cent and Madrid added 0.61 per cent.

Markets have been eagerly awaiting the May job creation numbers as an indicator of the strength of the recovery in the worlds top economy.

Fed chief Ben Bernanke indicated last month that the US central bank could soon begin cutting back on the amount of stimulus it injects into the economy by buying bonds and other assets in a program known as quantitative easing but would not want to jeopardise the recovery.

Since then the markets have been looking at economic data through the prism of its impact on monetary policy.

Another solid payrolls number, but the Fed will probably need to see stronger numbers before tapering of asset purchases gets closer to reality, said Berenberg Bank analyst Robert Wood.

The Fed has said it would shift policy if unemployment drops to 6.5 per cent.

Fridays report showed unemployment inched up 0.1 per cent to 7.6 per cent.

Wood said the US economy has coped well so far with mandated government spending cuts, but these coul outlet clothing d hit growth later in the year.

The Fed is unlikely to taper the monetary stimulus until it has a clearer view on that, he added.

US stocks also advanced on the jobs data.

In midday trad outlet clothing e the Dow Jones Industrial Average was up 1.21 per cent to 15,223.02 points, while the broadbased S 500 put on 1.04 per cent to 1,639.40 points, and the techrich Nasdaq Composite Index added 0.97 per cent to 3,457.10 points.

The Bundesbank predicted on Friday that German gross domestic product would expand by 0.3 per cent in 2013 and 1.5 per cent in 2014.

That represents a slight downward revision from the previous forecasts in December when the central bank had been pencilling in growth of 0.4 per cent and 1.9 per cent respectively.

In forex markets, the euro slid to $US1.3225 from $US1.3243 late in New York on Thursday.

The US dollar on Friday rose to 97.29 yen from 97.07 yen on Thursday.

At the end of a torrid week for the greenback that has seen it lose about four per cent against the yen, economists said the nonfarm payrolls data would determine its nearterm direction.

The current weakness of the US currency it had risen to over 103 yen last month sent Tokyo stocks down again, with the Nikkei losing 0.21 per cent to end at 12,877.53 points outlet clothing on Friday. outlet clothing