European stock futures calm before payrolls test
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EUROPEAN STOCK FUTURES CALM BEFORE PAYROLLS TEST
Equity futures in Europe are relatively steady on Friday after an ECB rate cut the day before. Investors are looking ahead to a U.S. labour market report that could help determine how soon the Fed joins the easing party.
Euro STOXX 50 futures STXEc1 are up less than 0.1%, while DAX futures FDXc1 are little changed and FTSE futures FFIc1 are eking out an almost 0.2% gain.
The ECB on Thursday lowered interest rates for the first time in five years after nine months of holding rates steady, but gave few clues about the timing of the next cut and upped some forecasts for growth and inflation, indicating that a second move could be months away.
That followed a rate cut from the Bank of Canada on Wednesday, while Switzerland and Sweden had both also cut rates earlier this year.
Now attention was turning to the U.S. labour market report for hints on future Fed policy.
U.S. job growth is expected to have maintained its moderate pace last month, while wage gains were seen holding steady. A report in line with forecasts would likely keep the Fed in wait-and-see mode, but could encourage bets on rate cuts this year.
In coprorate news, Temenos TEMN.S shares will be in focus after the company announced a new share buyback programme of up to 200 million Swiss francs ($224.92 million).
(Samuel Indyk)
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($1 = 0.8892 Swiss francs)
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