European markets push higher after Wall Street rally; U.S. jobs data in focus

Key Points

• Russia’s onslaught in Ukraine is also front and center, as well as the recent EU announcement of a partial ban for Russian oil imports.
• OPEC and its oil-producing allies agreed on Thursday to hike output in July and August by a larger-than-expected amount as Russia’s invasion of Ukraine wreaks havoc on global energy markets.

LONDON — European markets rose on Friday morning with traders focused on U.S. jobs data released later in the session.

The German DAX was up 0.4%, the French CAC rose 0.3% and the Italian FTSE MIB was flat in morning deals. The U.K.’s FTSE 100 is closed on Friday for the Queen’s Platinum Jubilee celebrations.

European traders are still digesting euro zone inflation numbers which hit an annual 8.1% in May, exceeding expectations and marking a seventh consecutive record high. Investors are closely watching the European Central Bank for hints at the pace and scale of interest rate hikes required to rein in consumer prices.

Russia’s onslaught in Ukraine is also front and center, as well as the recent EU announcement of a partial ban for Russian oil imports. OPEC and its oil-producing allies agreed on Thursday to hike output in July and August by a larger-than-expected amount as Russia’s invasion of Ukraine wreaks havoc on global energy markets.

Shares in Asia-Pacific rose in Friday trade following gains overnight on Wall Street. Investors will also be looking ahead to the release of U.S. jobs data for May. Stock futures were muted in early morning trade as investors focused their attention on the jobs data due out later in the day.

Economists see 328,000 jobs added in May, down 100,000 from April, according to a Dow Jones survey. Consensus estimates call for wages to rise by 0.4%, a faster pace than April’s 0.3% increase.

Source : CNBC