European markets head for slightly higher open ahead of U.S. jobs report, as commodity prices surge

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  • The U.S. Labor Department is set to publish April's jobs report at 1:30 p.m. London time on Friday. The report carries extra significance as the Federal Reserve assesses the strength of the labor market recovery in charting its course for monetary policy.
  • Results will begin to emerge Friday from local and mayoral polls across the U.K. and crucial parliamentary elections in Scotland.
  • It's another busy day for earnings in Europe with Adidas, BMW, Siemens and Credit Agricole among the major blue chips reporting before the bell.

European markets are set for a higher open Friday as global stocks eye a positive week amid surging commodity prices, while investors await a key jobs report out of the U.S.

Britain's FTSE 100 is seen around 29 points higher at 7,105, Germany's DAX is expected to climb around 68 points to 15,265 and France's CAC 40 is set to open around 20 points higher at 6,377, according to IG data.

Shares in Asia-Pacific broadly advanced during Friday's trade as commodities surged to multi-year highs on optimism over the global recovery.

Stateside, stock futures are indicating a flat open on Wall Street after the reflation trade drove the Dow to another record high during Thursday's trading hours.

The U.S. Labor Department is set to publish April's jobs report at 1:30 p.m. London time on Friday. Economists polled by Dow Jones expect 1 million payrolls to have been added last month and the unemployment rate is expected to have fallen to 5.8% from 6%.

The report carries extra significance as the Federal Reserve assesses the strength of the labor market recovery in charting its course for monetary policy.

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Back in Europe, the European Union on Thursday supported talks over waiving patent protections for Covid-19 vaccines, following a U.S. proposal that knocked pharmaceutical stocks.

Results will begin to emerge Friday from local and mayoral polls across the U.K. and crucial parliamentary election in Scotland, which could have a significant impact on the prospect of Scottish independence.

On the data front, German industrial output and import/export figures for March are due before the opening bell Friday, along with French industrial output and payrolls. U.K. April PMI (purchasing managers' index) readings and Italian March retail sales and second-quarter preliminary GDP estimates will follow mid-morning.

It's another busy day for earnings in Europe with Adidas, BMW, Siemens and Credit Agricole among the major blue chips reporting before the bell.

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