European stocks recover from this week's rout on weaker US jobs report

Chris Beauchamp IG

European indices managed to regain some of Thursday's sharp losses amid weaker-than-expected NFP data while US stocks were mixed, says Axel Rudolph, Senior Market Analyst at online trading platform IG.

US economy adds fewer jobs than expected

“US stock indices only saw a short-lived bounce as the US added 209k jobs, less than an expected 225k, in June following a downwardly revised 306k in May. The reading gives the Fed some breathing space with regards to future rate hikes. Nonetheless, according to the CME Fed Watch tool, 92% of participants expect to see another 25-basis point rate high at the 26 July monetary meeting."

Commodities end week on a high

“Commodities such as gas, oil, gold, silver and copper all rallied by over 1% on Friday as the US dollar dropped on weaker-than-expected US Non-Farm Payrolls and as US wages rose more than expected in June."

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Chris Beauchamp

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