Markets & Finance

Europe Lower


European stock markets closed lower on Friday. In London, The Financial Times-Stock Exchange 100 index fell 5.60 points to 4999.40 following reports U.S. job growth was less than expected and U.K. May CIPS services PMI dropped to 55.1 from 56.5 in April. 56 FTSE stocks rose, 40 fell on turnover of 1,318,000,000 shares. Yields on 10-year gilts rose 4.25% from 4.23% yesterday. Sterling was off at $1.8115. July Brent crude oil futures rose. Oxford Biomedica rose as company said its experimental Innurex gene treatment helped repair damaged spinal cord nerves and restore movement in rats. Exel rose as Merrill Lynch reinitiated coverage with a "buy" recommendation. Buyout firm 3i fell as UBS cut its recommendation to "neutral" from "buy". Filtronic fell after company said it was "having a cyclically slow second half."

In Germany, the DAX Index lost 21.78 pints TO 4510.39 as oil prices rose, U.S. payroll figures disappointed, and German May PMI services index rose to 52.6 from 51.3 in April. 24 DAX stocks fell, 6 rose on turnover of 87,464,000 shares. Yields on 10-year Bunds rose to 3.22% from 3.20% yesterday. The euro was off at $1.2222. Jenoptik fell after Deutsche Bank cut its recommendation to "hold" from "buy". Infineon rose after JPMorgan boosted its growth estimate to 10% from 9%. GfK, which raised 90.3 million euros in new share sales, rose. IWKA rose after the CEO quit.

France's CAC 40 lost 21.25 points to 4162.47 even though French May PMI services index rose to 59.0 from 57.7 in April. Investors were disturbed by disappointing U.S. employment data. 25 CAC stocks fell, 15 rose on turnover of 78,954,000 shares. Yields of 10-year bonds rose to 3.24% from 3.22% yesterday. Lafuma, which bought control of rival Oxbow for 26 million euros, scored a big gain. Latecoere rose on plans to sell 2.388 million shares to shareholders to raise 64 million euros. Nexans rose as company forecast higher sales.

Asian markets were higher Friday. In Japan, the Nikkei 225 rose 20.00 points, or 0.18%, to 11,300.05. The benchmarket index closed essentially flat, but the broader TOPIX lost 1.13 points, or 0.1%, to 1147.72. Investors stayed sidelined ahead of U.S. monthly employment report. They are seeking a clearer sense of whether the Federal Reserve could be near to the end of its monetary policy tightening cycle. Decliners outpaced advancers on the first section of the Tokyo Stock Exchange 863-to-652, with 136 issues unchanged. Volume remains unimpressive at 1.264 billion. Notable movers included Millea Holdings, which shed 2.1% on a Merrill Lynch downgrade to neutral. Sanyo Electric fell 2.15% on concern over its new mgmt team. In addition, Fast Retailing fell 1.42% after firm said its same-store sales in May dropped 5.4% year-on-year, falling for the fourth straight month. On the upside, Takeda Pharma rose 1.71% after Deutsche Securities upgraded the shares to buy, and hiked its price target by 10.3% to 5,900 yen.

In Hong Kong, the Hang Seng rose 3.87 points, or 0.03%, to 13,818.45. Share prices closed flat in cautious trade on Friday ahead of the release of U.S. jobs data for May, due to lack of fresh leads ahead of several large China IPOs. Advancers outpaced decliners 12-to-10, with unchanged issues in the middle, at 11.

Canada's benchmark TSX/S&P gained 44.53 points, or 0.46%, to close at 9,671.17


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