European shares briefly drop in jittery pre-payrolls trade

LONDON, July 5 Fri Jul 5, 2013 5:07am EDT

LONDON, July 5 (Reuters) - European shares briefly dipped into the red in jittery trade on Friday, with investors squaring positions after the previous session's sharp gains and ahead of a keenly watched U.S. non-farm payrolls report at 1230 GMT.

The FTSEurofirst 300 dipped to a session low of 1,176.87 points before recovering to trade broadly flat on the day at 1,178.40. The dip came as volumes spiked in the futures market, with traders saying that thin volumes exaggerated the impact of any large orders on the broader market.

Investors are "taking profits after yesterday's move and ahead of the payroll data - volumes aren't spectacular," Nick Xanders at BTIG said.

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