European Shares Seen Opening Lower Ahead Of Key US Jobs Data

(RTTNews) - European stocks may open broadly lower on Friday as growth worries persist ahead of key Eurozone and U.S. economic data due later in the day.

Industrial production and foreign trade data from Germany along with U.K. house price data may influence investor sentiment as the day progresses.

Eurostat is set to issue euro area revised GDP data. The initial estimate showed that the economy grew 0.3 percent sequentially in the second quarter.

Across the Atlantic, traders eagerly await the monthly jobs report, which includes both public and private sector jobs, for additional clues on the outlook for interest rates and the economy.

Economists currently expect employment to climb by 160,000 jobs in August after an increase of 114,000 jobs in July.

The unemployment rate is expected to edge down to 4.2 percent after rising to 4.3 percent in July, reaching its highest level since October 2021.

The U.S. payrolls report coupled with comments from Federal Reserve officials including John Williams and Christopher Waller might provide clearer insight into the potential scale of an anticipated rate cut this month.

Asian markets traded mostly lower in cautious trade as mixed U.S. data released overnight heighted concerns about U.S. economic growth.

The dollar hovered near a one-week low against major currencies, while oil was poised for the deepest weekly loss in almost a year on demand concerns and amid signs of amply supply.

Gold edged up slightly and was on track for a weekly gain, after having hit a nearly one-week high in the previous session.

U.S. stocks ended mixed overnight as private payrolls data showed the weakest growth since 2021, heightening fears of a slowing labor market.

However, weekly jobless claims declined and acidity in the key services sector rose for a second straight month, giving traders some respite from economic worries.

The S&P 500 slid 0.3 percent to end lower for the third straight session and the Dow gave up half a percent while the tech-heavy Nasdaq Composite edged up 0.3 percent to snap a two-day losing streak.

European stocks closed lower for a fourth day running on Thursday amid growth jitters.

The pan European STOXX 600 fell half a percent. The German DAX finished marginally lower, France's CAC 40 dipped 0.9 percent and the U.K.'s FTSE eased 0.3 percent.