European Stocks Open Higher Ahead of US NFP

European stocks were little changed as investors awaited a report that may show U.S. employers hired more workers last month, and as companies from Adidas AG (ADS) to BNP Paribas SA reported earnings. U.S. index futures and Asian shares were little changed.

Adidas, the world’s second-largest sporting-goods maker, gained 5.5 percent after reporting first-quarter profit that topped analysts’ estimates. BNP Paribas, France’s biggest bank, climbed 1.3 percent. Royal Bank of Scotland Group Plc fell 4.4 percent after quarterly group operating profit missed forecasts.

The Stoxx Europe 600 Index added less than 0.1 percent to 297.97 at 8:07 a.m. in London. The equity benchmark completed an 11th month of gains in April, its longest winning streak since 1997. Futures on the Standard & Poor’s 500 Index fell 0.1 percent and the MSCI Asia Pacific Index gained 0.1 percent.

“With today’s main focus for markets the non-farm payrolls in the U.S., much debate surrounds how to trade the result,” Jonathan Sudaria, a trader at Capital Spreads in London, wrote in an e-mail. “Following the surprise slump in March, traders will be looking to see if it was a one off or if it was the start of a slump in jobs growth. With Ben Bernanke parading in front of the markets handing out cheap money, traders for now should be able to shrug off any weakness.”

The Stoxx Europe 600 Index rose to a seven-week high yesterday as the European Central Bank lowered its benchmark interest rate and companies posted better-than-expected earnings.


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Mingze Wu

Mingze Wu

Currency Analyst at Market Pulse
Based in Singapore, Mingze Wu focuses on trading strategies and technical and fundamental analysis of major currency pairs. He has extensive trading experience across different asset classes and is well-versed in global market fundamentals. In addition to contributing articles to MarketPulseFX, Mingze centers on forex and macro-economic trends impacting the Asia Pacific region.
Mingze Wu