European stock markets remain stable pending US employment data

European stock markets remain stable pending US employment data

European equity markets were flat on Friday, with all eyes on US jobs data expected later, as investors digested the Bank of England’s biggest rate hike in 27 years, ahead of growing fears of a recession.

The pan-European STOXX 600 index was flat at 0705 GMT, on concerns that the US Federal Reserve’s aggressive pace of rate hikes will slow economic growth in the world’s largest economy.

Miners rose 0.6% as copper and most other base metals continued to be buoyed by the weaker dollar. [MET/L]

Deutsche Post added 5.8% after posting double-digit growth in revenue and profit and confirming its outlook for 2022.

London Stock Exchange Group gained 1.4% as it said cost and savings targets for the integration of its $27bn acquisition of data company Refinitiv remain unchanged and it will launch a buyback of shares worth 750 million pounds ($910.65 million).

German insurer Allianz fell 2.3% as it posted a 23% drop in second-quarter net profit, worse than expected.

In the oil and gas sector, crude oil prices languished near their lowest level since the start of the conflict in Ukraine, with markets juggling concerns about tight supply and slowing demand. [OR]

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