European Stocks Advance as Investors Await U.S. Jobs Data
European stocks advanced, posting their longest winning streak since October, before a report that may show the U.S. economy created jobs at a faster pace last month. U.S. index futures and Asian shares were little changed.
Mediaset SpA advanced 2.4 percent as the broadcaster controlled by former Italian Prime Minister Silvio Berlusconi started selling a 25 percent stake in its Ei Towers SpA (EIT) subsidiary. EasyJet Plc (EZJ) rose 1.1 percent after the low-cost airline said more passengers took its flights last month.
The Stoxx Europe 600 Index added 0.2 percent to 337.8 at 8:49 a.m. in London, its ninth day of gains. The benchmark has climbed 4.1 percent since March 24 as improving U.S. economic data signaled that the world’s largest economy is recovering from the harsh winter. It has advanced 1.2 percent this week. Futures on the Standard & Poor’s 500 Index rose 0.1 percent today, while the MSCI Asia Pacific Index slipped 0.1 percent.
“There is a consensus that after the harsh winter in the U.S. that data is going to get better and I agree with that,” said Raimund Saxinger, a fund manager at Frankfurt-Trust Investment GmbH, which overseas about $22 billion. “I think we are going to see a significant improvement in the U.S. data.”
The Labor Department report at 8:30 a.m in Washington will probably show that U.S. employers hired a net 200,000 people in March, according to the median of economist estimates compiled by Bloomberg. The U.S. created 175,000 jobs in February.
Mediaset, EasyJet
Mediaset advanced 2.4 percent to 4.39 euros as it placed a 25 percent stake in Ei Towers at 40.15 euros a share, according to terms obtained by Bloomberg News. Mediaset’s Elettronica Industriale SpA business held a 65 percent stake in the operator of radio- and television-broadcasting towers on Feb. 24, according to data compiled by Bloomberg.
EasyJet climbed 1.1 percent to 1,810 pence. Europe’s second-biggest discount airline said it flew 5.1 million passengers in March, up from 4.9 million a year earlier. The British company also filled up more of the seats on its flights, increasing its load factor to 89.5 percent from 89.4 percent.
Renault SA gained 1.4 percent to 71.85 euros. Les Echos said the French carmaker’s labor costs have dropped more than 4 percent since it reached an agreement on increased working time with staff last year. The newspaper cited the company’s head of human resources.
TNT Express NV lost 1.9 percent to 7.10 euros. The Dutch package-delivery company said its Chief Financial Officer Bernard Bot has resigned from his post. The company added that it has started to look for his successor.
Source: bloomberg
