Europe-listed stocks opened lower on Thursday, as investors await the latest U.S. jobs data.
The pan-European Stoxx 600 was 0.6% lower by 8:14 a.m. in London (3:14 a.m. ET), with most sectors in negative territory.
Retail was a bright spot, with the Stoxx Europe 600 Retail index adding 0.6% in early trade. Fashion retail giant H&M’s shares surged 9.2% to top the Stoxx 600, after the company’s third-quarter earnings beat expectations.
H&M share price
Elsewhere on Thursday, the U.S. Labor Department will release its latest weekly jobs data. Federal Reserve Chair Jerome Powell said on Tuesday that the cooling labor market was overriding concerns about sticky inflation, prompting the central bank’s first interest rate cut of the year.
Back in Europe, investors will be monitoring French and German consumer confidence reports.
In their report on consumer confidence in Germany, published Thursday morning, GfK and the Nuremberg Institute for Market Decisions (NIM) said the downward trend in the consumer climate had halted due to improved income expectations.
However, Rolf Bürkl, head of consumer climate at NIM, said that market watchers should approach the data with caution.
“Whether this marks the beginning of a sustained turnaround is more than uncertain. The consumer climate remains at an extremely low level,” he explained in the report. “The geopolitical situation, concerns about jobs, and renewed fears of inflation are likely hinder a thorough recovery at the moment.”
The latest monetary policy update from the Swiss National Bank will also be in focus on Thursday. Switzerland was hit with a shock 39% tariff rate on goods it sends to the U.S. over the summer. The levies are now in effect.
Overnight in Asia, stocks moved higher, while U.S. stock futures were little changed.
