Bunds pare gains, shares up after U.S. jobs data

LONDON, June 7 Fri Jun 7, 2013 8:53am EDT

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LONDON, June 7 (Reuters) - German Bund futures pared gains and European shares rose further on Friday after U.S. payrolls data suggested the economy was growing modestly but not enough to hasten a scaling back in stimulus from the Federal Reserve.

The U.S. economy added 175,000 jobs last month, just above the median forecast in a Reuters poll, Labor Department data showed. The unemployment rate ticked a tenth of a percentage point higher to 7.6 percent.

"The sweet spot was 150,000 to 185,000 and we got that. Either slightly weaker than expected and enough to rein in the tapering talk or slightly stronger and indicative of better growth, but not enough outside of that range to suggest tapering will come much sooner or growth is much worse than expected." a London-based trader said.

The FTSEurofirst 300 index of top European shares was up 0.3 percent at 1,182.10 points. The benchmark was up 0.06 percent shortly before the data was released.

Bund futures initially fell as low as 143.25 before recouping those losses. They were last 10 ticks up on the day at 143.57 compared with 143.80 before the data.

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