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European shares pare losses after above-consensus U.S. data
March 7, 2014 / 2:20 PM / in 4 years

European shares pare losses after above-consensus U.S. data

* FTSEurofirst 300 recovers from morning’s dip

* U.S. job growth rises more than expected

* Tensions over Ukraine had pegged European shares back

By Alistair Smout

LONDON, March 7 (Reuters) - European shares pared earlier losses on Friday, after closely watched U.S. jobs data came in above expectations, reassuring investors about the state of the world’s largest economy.

Non-farm payroll data showed U.S. jobs growth was more than expected in February, which could ease fears of an abrupt slowdown in economic growth and support the Federal Reserve in its decision to reduce its monetary stimulus.

Employers added 175,000 jobs to their payrolls last month, versus a consensus prediction from a Reuters poll of 149,000.

“There was a little relief on the figures, and we’ve tracked U.S. futures higher,” said Zeg Choudhry, head of trading at Northland Capital Partners, adding that the report had reassured after disappointing previous readings affected by bad weather.

“We need to see a sustained period of stable economic data now for the recovery to be cemented, but it’s a good start.”

The pan-European FTSEurofirst 300 pared losses to turn flat after the data release. By 1348 GMT, it had edged 0.1 percent lower to 1,343.34.

European shares had slipped in early trade on Friday, led down by companies most exposed to Russia as investors trod a cautious path while tensions appeared to mount over Russia’s intervention in Ukraine.

Europe bourses in 2014:

Asset performance in 2014:

Today’s European research round-up

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