European Shares Rebound Ahead Of US Jobs Data

European stocks rebounded on Friday despite mounting concerns over Europe’s energy crisis and slowing growth momentum in the global economy.

Traders remained focused on a key U.S. monthly jobs report due later in the day that will give more information about the state of the world’s largest economy.

Meanwhile, market participants shrugged off data showing that German exports dropped for the first time in four months in July.

The pan European Stoxx 600 rose 0.7 percent to snap a five-session losing streak but was set for a weekly loss of nearly 4 percent.

The German DAX rallied 1.3 percent, while France’s CAC 40 index and the U.K.’s FTSE 100 both were up around 0.6 percent.

Banks and automakers were seeing broad-based gains.

Credit Suisse shares gained 2.3 percent after reports that the embattled Swiss bank is looking at cutting around 5,000 jobs as part of a cost-reduction drive.

Oil & gas firm BP Plc jumped nearly 3 percent and Shell added 2 percent in London, as oil prices rose nearly 3 percent ahead of next week’s OPEC+ meeting to discuss output cuts.

The United States said Thursday that a new response received from Iran on reviving a landmark nuclear deal of 2015 was unconstructive, putting a new hurdle on finalizing the agreement.

Ashmore Group surged 4.4 percent. After posting a decline in earnings for the fiscal 2022, the investment manager said it hopes the next 12 months offers potential for better conditions.

French industrial gases company Air Liquide Group fell about 1 percent. The company confirmed its intention to withdraw from Russia.

German food and beverages company GEA Group AG gained 1 percent. The company said it is investing 70 million euros to construct a new pharmaceutical technology center for freeze dryers in Germany.

Airline Lufthansa climbed 2.4 percent despite a pilots’ strike.

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